Ascent Capital Group, Inc. (“Ascent or the “Company”) (Nasdaq:ASCMA) has reported results for the three months ended March 31, 2014. 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 million 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 months ended March 31, 2014 increased 32.7%
- Ascent’s Adjusted EBITDA 2 for the three months ended March 31, 2014 increased 23.3%
- Monitronics’ Adjusted EBITDA 3 for three months ended March 31, 2014 increased 28.6%
- Monitronics subscriber accounts as of March 31, 2014 increased 27.9% to 1,046,785
- Average RMR per subscriber 4 as of March 31, 2014 increased 3.5% to $41.15
- Management completed the transitioning of Security Networks’ operations from Florida to Texas in April 2014
Ascent Chairman and Chief Executive Officer, Bill Fitzgerald stated, “We are pleased with Monitronics’ solid financial performance and the successful completion of the Security Networks integration, which was finalized in April.”“At the holding company level, our balance sheet remains strong and we continue to pursue productive and accretive investments in the alarm monitoring industry and adjacent sectors, while being opportunistic about share repurchases.” Mike Haislip, President and Chief Executive Officer of Monitronics said, “During the first quarter Monitronics revenue increased 32% while Adjusted EBITDA grew a solid 28%, despite severe winter weather that periodically affected our dealers across the country. Total subscriber accounts were up 28% over the first quarter of last year and our attrition level increased modestly from 12.2% to 12.3%, and was unchanged from year-end.
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