Ascent Capital Group, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2017
March 28, 2018
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Ascent Capital Group, Inc. announced consolidated earnings results for the fourth quarter and year ended Dec. 31, 2017. For the three months ended December 31, 2017, net revenue of $133.5 million, a decrease of 5.1%. For the twelve months ended December 31, 2017, net revenue totaled $553.5 million, a decrease of 3.0%. The reduction in revenue for the three and twelve months ended December 31, 2017 is due to the lower average number of subscribers in 2017 as a result of the softness in the dealer channel and customer attrition. This decrease was partially offset by an increase in average recurring monthly revenue ("RMR") per subscriber to $44.04 due to certain price increases enacted during the past twelve months and, for the twelve months ending, an increase in average RMR per new subscriber acquired. Net loss from continuing operations was $16.0 million compared with $107.7 million a year ago. Net loss was $14.6 million compared with $111.3 million a year ago. Adjusted EBITDA was $73,767,000 compared with $82,394,000 a year ago.
For the full year, the company announced net revenue of $553,455,000 compared to $570,372,000 for the same period a year ago. Operating income was $41,510,000 compared to $55,634,000 for the same period a year ago. Loss from continuing operations before income taxes was $108,059,000 compared to $83,993,000 for the same period a year ago. Net loss from continuing operations was $107,651,000 compared to $91,244,000 for the same period a year ago. Net loss was $107,559,000 compared to $91,244,000 for the same period a year ago. Basic and diluted net loss per share was $8.82 compared to $7.44 for the same period a year ago. Net cash provided by operating activities was $136,497,000 compared to $188,903,000 for the same period a year ago. Capital expenditures were $14,393,000 compared to $9,180,000 for the same period a year ago. Adjusted EBITDA was $306,278,000 compared to $339,258,000 for the same period a year ago.
Ascent Capital Group, Inc. is a holding company. The Company's subsidiaries include Monitronics International, Inc. (MONI) and LiveWatch Security, LLC (LiveWatch). The Company's segments include MONI, LiveWatch and Other Activities. The MONI segment is primarily engaged in the business of providing security alarm monitoring services: monitoring signals arising from burglaries, fires, medical alerts and other events through security systems at subscribers' premises, as well as providing customer service and technical support. LiveWatch is a do-it-yourself home security provider offering professionally monitored security services through a direct-to-consumer sales channel. LiveWatch offers a differentiated go-to-market strategy through direct response television, Internet and radio advertising. When a customer initiates the process to obtain monitoring services, LiveWatch pre-configures the alarm monitoring system based on customer specifications.