Ascent Capital Group, Inc. (“Ascent” or the “Company”) (Nasdaq:ASCMA) has reported results for the three months and full year ended December 31, 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 as of December 31, 2013. 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 twelve months ended December 31, 2013 increased 39.6% and 30.8%, 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 twelve months ended December 31, 2013 increased 23.0% and 27.5%, respectively
- Ascent’s consolidated balance sheet remains strong with $174.2 million of cash and marketable securities as of December 31, 2013
- Monitronics’ Adjusted EBITDA for the three and twelve months ended December 31, 2013 increased 36.0% and 29.5%
- Monitronics subscriber accounts as of December 31, 2013 increased 28.8% to 1,046,155
- Average RMR per subscriber 3 as of December 31, 2013 increased 3.5% to $40.90
Ascent Chairman and Chief Executive Officer, Bill Fitzgerald stated, “2013 was another great year for our business. The acquisition of Security Networks, coupled with the continuing growth of the core account base within Monitronics, led to another quarter and year of very strong revenue and Adjusted EBITDA growth. The integration of Security Networks is progressing on plan and the dealer affiliates we added through that acquisition are contributing as expected to our core growth engine. We are very pleased with where the business stands today and are encouraged by the prospects for its continued expansion.
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