In c2388 sent today at 08:30 an error occurred at the beginning of the
third paragraph which should read "CSR also reported a net loss of
$14.61 million" not "CSR also reported a net loss of $11.74 million".
Full corrected copy follows.
Canadian Satellite Radio Holdings Inc. announces nine-day stub period
for first-quarter of operations
TORONTO, Jan. 16 /CNW/ - Canadian Satellite Radio Holdings Inc.
(TSX: XSR.SV), which offers its satellite radio service and operates under the
XM Canada(TM) brand, announced its first-quarter financial results for the
three-month period ending November 30, 2005.
Canadian Satellite Radio (CSR) reported revenues of $46,010 for the nine
day period from November 22 launch of service to the end of the quarter on
November 30 from activations, subscriptions and sales of radios from the
direct fulfillment channel.
CSR also reported a net loss of $14.61 million for the quarter. First-
quarter expenses were incurred as CSR prepared for the launch of its XM Canada
satellite radio service.
As CSR was not in operation a year ago, there are no corresponding prior
year figures for CSR's first-quarter 2006 results.
Since November 30, CSR has:
- completed a $55 million initial public offering and started
trading its subordinated voting shares on the TSX (December 12,
2005)
- provided guidance projecting one million subscribers by August
2010 and 75,000 subscribers by August 2006 (January 5, 2006)
"We are very happy with the launch and roll out of the XM Canada service
and are pleased that our subscription sales are running ahead of management
expectations," said John I. Bitove, the CEO of CSR and XM Canada. "CSR's IPO
marked a milestone in our development and helped put us on a solid financial
footing. Funds from the IPO have driven the build out of our repeater network
and furthered construction of our broadcast studios in Montreal and Toronto."
Documents filed in conjunction with the first-quarter 2006 results,
including interim consolidated financial statements and Management's
Discussion and Analysis, will be posted for review on the SEDAR website
(www.sedar.com).
<<
Canadian Satellite Radio
Holdings Inc.
Interim Consolidated Financial Statements
(Unaudited)
November 30, 2005
Canadian Satellite Radio Holdings Inc.
Interim Consolidated Balance Sheet
(Unaudited)
-------------------------------------------------------------------------
November 30, August 31,
2005 2005
$ $
-----------------------------
Assets
Current assets
Cash 17,287 20
Accounts receivable 156,947 -
Inventory 418,750 -
Prepaid expenses 45,454 -
-----------------------------
638,438 20
Deferred costs related to public offerings 5,589,748 -
Property and equipment 15,444,799 1,996,606
Contract rights, distribution rights and
computer software 235,124,020 1,006,634
-----------------------------
Total assets 256,797,005 3,003,260
-----------------------------
-----------------------------
Liabilities and Shareholders' Equity (Deficiency)
Current liabilities
Accounts payable 46,477,578 11,864,983
Deferred revenue 89,391 -
-----------------------------
46,566,969 11,864,983
Long-term obligations 440,833 16,987
-----------------------------
Total liabilities 47,007,802 11,881,970
-----------------------------
Shareholders' Equity (Deficiency)
Common shares 20 20
Equity to be issued 230,412,000 -
Contributed surplus 2,862,764 -
Deficit (23,485,581) (8,878,730)
-----------------------------
Total shareholders' equity (deficiency) 209,789,203 (8,878,710)
-----------------------------
Total liabilities and shareholders' equity
(deficiency) 256,797,005 3,003,260
-----------------------------
-----------------------------
Canadian Satellite Radio Holdings Inc.
Interim Consolidated Statement of Operations and Deficit
(Unaudited)
For the three months ended November 30, 2005
-------------------------------------------------------------------------
2005 2004
$ $
Revenue 46,010 -
-----------------------------
Operating expenses
Cost of revenue 3,129,643 -
Indirect costs 827,125 473,773
General and administrative 5,587,165 421,574
Marketing 4,630,248 -
Amortization 478,680 560
-----------------------------
14,652,861 895,907
-----------------------------
Net loss for the period (14,606,851) (895,907)
Deficit - Beginning of period (8,878,730) (2,173,471)
-----------------------------
Deficit - End of period (23,485,581) (3,069,378)
-----------------------------
-----------------------------
Basic and fully diluted loss per common share (73,034.26) (4,479.54)
-----------------------------
-----------------------------
Canadian Satellite Radio Holdings Inc.
Interim Consolidated Statements of Cash Flows
(Unaudited)
For the three months ended November 30, 2005
-------------------------------------------------------------------------
2005 2004
$ $
-----------------------------
Cash provided by (used in)
Operating activities
Net loss for the period (14,606,851) (895,907)
Add: Non-cash items
Costs paid by parent company 2,862,764 -
Amortization 478,680 560
Interest accretion expense 552 -
Net change in non-working capital related
to operations
Accounts receivable (156,947) -
Inventory (418,750) -
Prepaid expenses (45,454) -
Accounts payable 11,813,882 895,347
Deferred revenue 89,391 -
-----------------------------
Net cash provided by operating activities 17,267 -
-----------------------------
Change in cash during the period 17,267 -
Cash - Beginning of period 20 20
-----------------------------
Cash - End of period 17,287 20
-----------------------------
-----------------------------
Supplemental cash flow disclosures
Rights acquired through commitment to
issue equity 230,412,000 -
Property and equipment purchases in
accounts payable 13,061,204 89,765
Computer software purchases in
accounts payable 4,147,761 -
Deferred costs related to public offerings in
accounts payable 5,589,748 -
Addition to property and equipment and long-term
obligations for asset retirement obligation 423,294 -
About Canadian Satellite Radio Holdings Inc.
Canadian Satellite Radio Holdings Inc. (TSX: XSR.SV) operates as XM
Canada(TM) through its subsidiary, Canadian Satellite Radio Inc. CSR creates
unique Canadian content to be broadcast in Canada and the United States and
has an exclusive Canadian licence from U.S.-based XM Satellite Radio Inc.
(XM), the leading satellite radio provider in the U.S. with more than six
million subscribers.
CSR, through XM Canada(TM), offers listeners more than 80 channels for
Canada's lowest monthly subscription fee - $12.99. XM Canada(TM) offers the
most commercial-free music channels and the most NHL game coverage, and news,
talk, sports and children's programming across Canada. XM Canada(TM) launched
its French and English satellite channels for all of North America to hear on
November 22. After next season, XM will become the exclusive provider of NHL
hockey on satellite radio.
Forward-looking statements
Any forward-looking statements in this document are based on current
expectations that are subject to significant risks and uncertainties that are
difficult to predict. Actual results might differ materially from projections
suggested in any forward-looking statements due to a number of risks including
those associated with the business of CSR, the proposed note offering by CSR,
regulatory matters, and CSR's relationship with XM. CSR assumes no obligation
to update the forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward-looking statements.
Readers are cautioned not to place undue reliance on forward-looking
statements.
The financial information contained in this news release is unaudited,
unless otherwise noted. Additional information identifying risks and
uncertainties are contained in CSR's filings with the Canadian securities
regulators, available at www.sedar.com.
For more information about CSR, visit www.cdnsatrad.com. For more
information about XM Canada's satellite radio service, visit www.xmradio.ca.
>>
%SEDAR: 00022901E
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