Via: Billboard

Sirius XM Radio Inc posted its first quarterly profit since its merger and said it expects to add 500,000 new subscribers in 2010 as the recovery in the car market boosts demand for satellite radio.

The results suggest that the company, run by media industry veteran Mel Karmazin, has solidified and is set to grow. Just a year ago, it flirted with bankruptcy as it faced a hefty debt load and weak auto sales.

“This is very encouraging, especially the guidance,” said Wunderlich Securities analyst Matthew Harrigan. “They are very sensitive to the automotive industry, but certainly the confidence that they can add 500,000 customers is a good thing.” [Read More]