Brink's Home Security Holdings Inc. released its first quarter results, announcing an 8-percent increase in recurring monthly revenue (RMR) in the same period a year ago.
The company reported revenue of $146.5 million for the three months ended March 31, 2010, compared to the $136 million recorded in the same period last year.
Additionally, RMR increased 8 percent at quarter-end over the prior year period to $44.8 million, driven by a 3.6 percent increase in ending subscribers and a 4.2 percent increase in average RMR per subscriber, the company says.
“We are pleased with another quarter of organic revenue growth and an increase in customer count during these challenging economic times,” says president and chief executive, Bob Allen “An 8 percent improvement in monthly recurring revenue combined with continued expense control helped deliver strong earnings growth for the quarter.”
The operating profit was $28.9 million, a 15.1 percent increase from the $25.1 million in the first quarter 2009.The company credits the increase to higher profits from recurring services of the larger subscriber base in the current quarter and a $4 million litigation charge incurred in the first quarter 2009.
“I am very proud of our employees, who continue to operate at high levels of performance in the Broadview business as we anticipate the closure of our acquisition by Tyco Int'l,” adds Allen.
A special shareholders meeting to vote on the proposed acquisition by Tyco Int’l has been scheduled for May 12. The transaction is expected to close May 14.
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