Ascent Capital Group Reports Q1 Loss of $27.8M
Monitronics reported a quarterly net loss $31.8 million, compared to a net loss of $26.2 million in the three months ended March 31, 2018.
Monitronics reported a quarterly net loss $31.8 million, compared to a net loss of $26.2 million in the three months ended March 31, 2018.
The security segment demonstrated strong growth, led by the launch of Resideo’s next generation smart home residential platform.
The manufacturer’s net income for the nine months ended March 31 increased 90% to $7.5 million from $4 million a year ago.
Higher operating income, lower interest expense and higher income tax benefit also contributed to the improvement in net loss.
The company’s stock rose almost 13% in heavy aftermarket trading, fueled by a better-than-expected loss and strong revenue guidance for the current quarter.
Resideo management intends to invest $90 million toward new product and software launches, along with scaling its smart home and security platform.
The net loss was attributed to the prior year’s income tax benefit, plus a goodwill impairment loss due to underperformance of ADT’s Canadian business.
The smart home security provider closed out a strong 2018, posting SaaS and license revenue of $77.8 million in the fourth quarter.
Recurring service revenue for the quarter increased 46% to $4.1 million as compared to $2.8 million for the same quarter last year.
SEC ordered ADT to pay $100,000 for failure to report financial measures under Generally Accepted Accounting Principles (GAAP).
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