ENGLEWOOD, Colo., Aug. 9, 2017 (GLOBE NEWSWIRE) -- Ascent Capital Group, Inc. ("Ascent" or the "Company") (Nasdaq:ASCMA) has reported results for the three months ended June 30, 2017. Ascent is a holding company that owns MONI, one of the nation's largest home security alarm monitoring companies.
Headquartered in the Dallas Fort-Worth area, MONI provides security alarm monitoring services to more than 1 million residential and commercial customers as of June 30, 2017. MONI's 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 six months ended June 30, 2017 totaled $140.5 million and $281.7 million, respectively.
- Ascent's net loss for the three and six months ended June 30, 2017 totaled $43.5 million and $62.4 million, respectively.
- Ascent's Pre-SAC Adjusted EBITDA, which adjusts for the expensed portion of subscriber acquisition costs, for the three and six months ended June 30, 2017 totaled $85.9 million and $173.6 million, respectively.
- MONI's net loss for the three and six months ended June 30, 2017 totaled $50.1 million and $71.1 million, respectively.
- MONI's Pre-SAC Adjusted EBITDA for the three and six months ended June 30, 2017 totaled $88.9 million and $178.7 million, respectively.
- Appointed Fred Graffam as Senior Vice President and Chief Financial Officer of Ascent and MONI who will be succeeding Michael Meyers, the Company's current CFO, who announced his retirement in January 2017.
Ascent Chairman and Chief Executive Officer Bill Fitzgerald stated, "The business performed consistent with expectations in the quarter as the MONI team continued to work hard executing against its key operational initiatives.
"I am also pleased to welcome Fred Graffam to the Ascent and MONI executive teams this September. With strong financial and public company experience along with a background in the technology and telecom industries, I am confident that Fred will play an integral role in accelerating MONI's transformation."
Jeffery Gardner, President and Chief Executive Officer of MONI, said: "We are pleased with our operational progress in the second quarter. We continued to drive improvements in dealer economics, generated solid new marketing sales leads through our MONI direct and LiveWatch platforms and have a growing funnel of partnership opportunities that we are considering for the second half of the year. We are also making progress on attrition, taking proactive measures to retain high-risk customers and reduce operating costs in the long term. While account growth out of our dealer channel continues to be soft and will take time to stabilize, I am confident we are making the right investments in sales training, recruitment support and lead generation now that will benefit the long term growth of this channel and the business."
1Comparisons are year-over-year unless otherwise specified.
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