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Ascent Announces Financial Results for 3 and 9 Months Ended Sept. 30, 2012

by Moni Blogger | Nov 14, 2012

Nov. 14, 2012 (DALLAS)—Ascent Capital Group, Inc. ("Ascent" or the "Company") (Nasdaq: ASCMA) has reported results for the three and nine months ended Sept. 30, 2012. 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.

For the three and nine months ended Sept. 30, 2012, Monitronics reported net revenue of $84.7 million and $249.9 million – increases of 6.5 percent and 8.2 percent, respectively. The increase in net revenue for the three and nine months ended Sept. 30, 2012 is primarily attributable to a 2.9-percent increase in Monitronics' subscriber accounts and a 2.8-percent increase in average RMR per subscriber to $38.28 as compared to Sept. 30, 2011. Monitronics' Adjusted EBITDA2 for the three and nine months ended Sept. 30, 2012 increased 3.1 percent and 6.1 percent, respectively, driven by growth in subscriber accounts and average RMR.

Monitronics’ subscriber accounts as of Sept. 30, 2012 increased 2.9 percent to 717,488. It acquired 93,000 subscriber accounts on Oct. 30, 2012 for approximately $131 million (after giving effect to certain purchase price adjustments), which increased its total subscriber base 13 percent to 810,000 accounts as of Sept. 30, 2012 on a Pro Forma basis.

"We are pleased to deliver another strong performance this quarter,” said Mike Haislip, President and Chief Executive Officer of Monitronics. “We posted solid growth in revenue and Adjusted EBITDA and purchased over 31,000 high quality accounts in the third quarter. Our interactive and home automation services continue to gain ground amongst our subscribers with over 40 percent of new customers signing on for advanced services during the quarter.

“While there are incremental telecom and field service costs associated with advanced services, these accounts provide for a higher value customer and drive increased levels of RMR. As expected, attrition levels increased modestly given the age of accounts in our portfolio and the increase in disconnects due to relocations which we believe are driven by improvements in the housing market."

Ascent Chairman and Chief Executive Officer Bill Fitzgerald stated, "Our results for the third quarter once again illustrate the strength of the Monitronics business model. We are also pleased to have recently completed a significant bulk purchase of accounts, which will provide strong incremental cash flow for the business.

"At the holding company level, we continue to actively explore additional accretive acquisition opportunities within the alarm monitoring and related security industry."

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