Monitronics revenues on the increase
DALLAS - Monitronics International Inc.Ã¢â‚¬â„¢s year-to-year revenues increased by 22 percent over 2002 numbers for its second quarter, which ended Dec. 31, 2003.
Total revenues for the quarter were $37.5 million, compared to $30.8 million for the same time period in 2002. Earnings before interest, taxes, depreciation and amortization were $26.9 million for the quarter, a 27.1 percent increase over the $21.1 million reported a year earlier.
In addition to the increased earnings and revenues, the company also lowered its attrition rates to 11 percent for the trailing 12 months ended Dec. 31. For the previous year, that number was 13.3 percent, according to Jim Hull, president and chief executive officer of Monitronics.
Ã¢â‚¬Å“We believe our attrition rate resulted from our continued focus on increasing customer satisfaction, combined with the aging of our overall portfolio,Ã¢â‚¬Â he said.
From Sept. 1 to Dec. 31, Monitronics acquired 18,820 accounts, as opposed to 35,360 in the previous quarter. Michael Meyers, vice president and chief financial officer for the company, said the recurring monthly
revenue for those accounts dropped slightly from the quarter ending Aug. 31,
from about $34 to about $32 on average.
Ã¢â‚¬Å“Our summer programs, which have a much higher content of two-way voice customers, pushed that number up for the summer months,Ã¢â‚¬Â he said. Ã¢â‚¬Å“This quarter reflected more of a normal mix of customers.Ã¢â‚¬Â
Through a refinancing arrangement the company signed in August 2003, Monitronics said it was also able to free up about $120 million that will be used to help grow the company.