Ascent Capital Group, Inc. ("Ascent" or the "Company") has reported results for the three and nine months ended September 30, 2018. Ascent is a holding company that owns Brinks Home Security [TM] , 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 approximately 942,000 residential and commercial customers as of September 30, 2018. Brinks Home Security'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 nine months ended September 30, 2018 totaled $137.2 million and $405.9 million, respectively.-- Ascent's net loss for the three and nine months ended September 30, 2018 totaled $40.1 million and $315.3 million, respectively. Brinks Home Security's net loss for the three and nine months ended September 30, 2018 totaled $33.8 million and $301.8 million, respectively.-- Ascent's Adjusted EBITDA for the three and nine months ended September 30, 2018 totaled $66.9 million and $205.2 million, respectively. Brinks Home Security's Adjusted EBITDA for the three and nine months ended September 30, 2018 totaled $71.3 million and $213.5 million, respectively.-- On October 30, 2018, Ascent and Brinks Home Security entered into an amended and restated transaction support agreement with creditors representing a majority of each of its Term B-2 Loan lenders and holders of Brinks Home Security's outstanding 9.125% Senior Notes due 2020 ("Senior Notes"). Pursuant to the agreement, Brinks Home Security expects to commence an exchange offer for its Senior Notes and a consent solicitation for certain proposed amendments to its Credit Facility and its Senior Notes.-- Brinks Home Security recently ranked #1 in customer satisfaction among home security brands as part of the J.D. Power 2018 Home Security Satisfaction Study
Ascent's Chief Executive Officer, William Niles stated, "The Brinks Home Security team continued to make meaningful progress against its strategic operational initiatives in the third quarter. I am also pleased with our execution around the recent amended and restated transaction support agreement. Strengthening the balance sheet and providing the Brinks Home Security management team continued runway to execute on its business objectives remains a key priority, and I am encouraged by our progress."
Jeffery Gardner, President and Chief Executive Officer of Brinks Home Security said, "We continued to advance our business objectives in the third quarter. Total account additions, excluding a large bulk purchase of 6,650 accounts, were up 24% year-over-year, with consistent year-over-year growth in both our Dealer and Direct to Consumer channels. The third quarter was the first full quarter under the Brinks Home Security brand, and we will continue to actively refine our sales and marketing strategies utilizing the brand. Additionally, I am pleased to note that Brinks Home Security was recently ranked #1 in customer satisfaction among home security brands as part of the J.D. Power 2018 Home Security Satisfaction Study, a testament to our continued focus on providing the highest level of support and service to all of our customers."
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