TORONTO (CP) _ Canadian Satellite Radio Holdings Inc. (TSX:XSR), the operator of satellite radio provider XM Canada, has reduced its second quarter losses to $27.1 million on improved revenue as its subscriber base expands, the company reported Monday.
Losses for the quarter ended Feb 28 were equal to 57 cents per share, compared to a loss of $44 million, or $1.05 per share, in the same period last year.
The company posted a subscriber count of 237,500, but did not provide comparable year-ago figures.
XM Canada is on track to reach one million subscribers by 2010, said chairman and CEO John Bitove.
``We are pleased with our performance this quarter and are confirming our position as Canada's premium digital audio entertainment and information company,'' he added.
XM Canada recently signed a contract with Rogers Communications (TSX:RCI.A) to provide its programming on the company's wireless, cable and Internet platforms.
Company shares fell five cents to $6.45 on the Toronto Stock Exchange.