Investor Relations

Ascent Capital Group Announces Financial Results for the Three and Six Months Ended June 30, 2018

by Paul Jacobson | Aug 07, 2018

ENGLEWOOD, Colo., Aug. 2, 2018 (GLOBE NEWSWIRE) -- Ascent Capital Group, Inc. (“Ascent” or the “Company”) (Nasdaq: ASCMA) has reported results for the three and six months ended June 30, 2018. Ascent is a holding company that owns Brinks Home Security, one of the nation’s largest home security alarm monitoring companies.

Headquartered in the Dallas / Fort Worth area, Brinks Home Security provides security alarm monitoring services to over 950,000 residential and commercial customers as of June 30, 2018. Brinks Home Security’s long-term monitoring contracts provide high margin recurring revenue that results in predictable and stable cash flow.

Highlights:

  • Ascent’s net revenue for the three and six months ended June 30, 2018 totaled $135.0 million and $268.8 million, respectively.
  • Ascent’s net loss for the three and six months ended June 30, 2018 totaled $244.4 million and $275.2 million, respectively. Brinks Home Security’s net loss for the three and six months ended June 30, 2018 totaled $241.8 millionand $268.0 million, respectively
  • Ascent’s adjusted EBITDA for the three and six months ended June 30, 2018 totaled $69.4 million and $138.3 million, respectively. Brinks Home Security’s adjusted EBITDA for the three and six months ended June 30, 2018 totaled $72.2 million and $142.2 million, respectively
  • The Brinks Home Security brand name was officially launched on May 28, 2018 with the Company’s Direct to Consumer and Dealer channels now going to market under one, unified brand name

Ascent Chief Executive Officer William Niles stated: “I am pleased with our execution in the quarter. The team’s continued progress toward strengthening its operating performance and the launch of the Brinks Home Security brand give me confidence in the long term prospects for the business.”

Jeffery Gardner, President and Chief Executive Officer of Brinks Home Security said, “We continued to build momentum around our strategic operating initiatives in the second quarter. New subscribers grew 40 percent year-over-year and 73 percent sequentially, bolstered by an improved performance in our Direct to Consumer channel and a 10,250 bulk account purchase. Improved consolidated creation costs of 34.3 times resulted from favorable economics in our bulk purchase combined with solid performance in our Direct to Consumer channel. We also made incremental progress on RMR attrition, which improved 30 basis points sequentially to 13.6 percent. We will continue to focus on driving improvements in all of our attrition metrics.”

“Finally, we officially launched the Brinks Home Security brand name in late May. Our Direct to Consumer and Dealer channels are now going to market under one unified brand and initial feedback from partners and customers has been positive. We are encouraged by our progress and remain committed to executing against our strategic initiatives to drive long term shareholder value.”

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