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Ascent Capital Group Announces Financial Results For The Quarter And Full Year Ended December 31, 2011

Stocks in this article: ASCMA

Ascent Capital Group, Inc (“Ascent” or the “Company”) (Nasdaq: ASCMA) has reported results for the quarter and full year ended December 31, 2011. Ascent is a holding company that owns Monitronics International, Inc. (“Monitronics”), one of the nation’s largest and fastest-growing home security alarm monitoring companies.

2011 highlights:

  • Monitronics’ full year 2011 revenue increased 10.9% to $311.9 million, and Monitronics’ full year 2011 recast Adjusted EBITDA 1 increased 11.9% to $217.1 million with a Company recast net loss from continuing operations 1 of $25.6 million
  • Monitronics surpassed the 700,000 customer mark, finishing 2011 with 700,880 accounts
  • Ascent completed its transition out of the media services business with the sale of its content distribution business and closure of its systems integration unit
  • Ascent completed the integration of Monitronics and transitioned all corporate and administrative functions from Los Angeles to Dallas and Denver
  • Ascent repurchased 269,659 shares of Ascent Series A stock at an average price of $42.60 per share for a total cost of $11.5 million, representing approximately 2% of Ascent’s outstanding Series A shares

“During the past year we successfully completed the transformation of Ascent,” said Chief Executive Officer of Ascent, Bill Fitzgerald. “We finalized the sale of our media services business, fully integrated Monitronics into our operations, and transitioned our corporate service activities out of the Los Angeles area. Most important, the Monitronics business continues to generate the very solid financial performance we expected from it when we acquired the business in December 2010.”

“We also continue to evaluate alternatives for refinancing Monitronics’ debt. Given the consistent and predictable nature of the Monitronics business, coupled with the improving conditions in the credit markets, we expect to complete a refinancing of this debt in the first half of this year. Additionally, we continue to seek acquisition opportunities of highly leverageable, recurring revenue, subscription-based businesses, however, with a preference to pursue opportunities that are strategic, allowing us to leverage, as well as expand, the Monitronics platform.”

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