Ascent Capital Group Inc. (“Ascent” or the “Company”) (Nasdaq:ASCMA) has reported results for the three and nine months ended September 30, 2013. 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.
Headquartered in Dallas, Texas, Monitronics provides security alarm monitoring services to more than 1,000,000 residential and commercial customers. Monitronics’ long-term monitoring contracts provide high margin recurring revenue that results in predictable and stable cash flow.
- Ascent’s net revenue for the three and nine months ended September 30, 2013 increased 36.8% and 27.4%, respectively, driven by growth in the number of subscriber accounts and the related increase in monthly recurring revenue
- Ascent’s Adjusted EBITDA 2 for the three and nine months ended September 30, 2013 increased 35.2% and 29.4%, respectively
- Monitronics successfully completed the acquisition of Security Networks
- Monitronics Adjusted EBITDA for the three and nine months ended September 30, 2013 increased 35.2% and 27.1%
- Monitronics subscriber accounts as of September 30, 2013 increased 45.2% year-over-year to 1,041,740 reflecting organic growth and the acquisition of over 200,000 subscriber accounts in the Security Networks acquisition
- Average RMR per subscriber 3 as of September 30, 2013 increased 6.3% to $40.70
Ascent Chairman and Chief Executive Officer, Bill Fitzgerald stated, “I am very pleased with the Company’s performance and execution in the third quarter, highlighted by the successful completion of the acquisition of Security Networks, the integration of which is proceeding as planned. The Company also delivered solid financial performance with revenue and Adjusted EBITDA each up over 35%, a testament to the continued strength of the Monitronics business model. Looking ahead, we remain committed to identifying accretive acquisition opportunities, making certain that we continue to put shareholder capital to work in an effective and productive manner.”