Ascent Capital Group, Inc. (ASCMA) saw its loss widen to $27.03 million, or $2.23 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $24.33 million, or $1.87 a share.
Revenue during the quarter went up marginally by 0.65 percent to $142.76 million from $141.85 million in the previous year period. Gross margin for the quarter contracted 43 basis points over the previous year period to 79.65 percent. Total expenses were 89.32 percent of quarterly revenues, down from 93.72 percent for the same period last year. This has led to an improvement of 440 basis points in operating margin to 10.68 percent.
Operating income for the quarter was $15.25 million, compared with $8.91 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $86.80 million compared with $88.28 million in the prior year period. At the same time, adjusted EBITDA margin contracted 144 basis points in the quarter to 60.80 percent from 62.23 percent in the last year period.
Ascent chairman and chief executive officer, Bill Fitzgerald stated, "I am pleased with the steps Jeff and his team are taking to strengthen MONI's operating performance and to keep pace in an evolving home security market. The MONI rebranding and the completion of the Credit Facility refinancing are both integral steps in our continued evolution and I am confident that the efforts we are taking today will position the business well for the long term."
Operating cash flow declines
Ascent Capital Group, Inc. has generated cash of $158.20 million from operating activities during the nine month period, down 9.05 percent or $15.75 million, when compared with the last year period.
The company has spent $157.26 million cash to meet investing activities during the nine month period as against cash outgo of $227.57 million in the last year period.
Cash flow from financing activities was $25.14 million for the nine month period, down 66.50 percent or $49.91 million, when compared with the last year period.
Cash and cash equivalents stood at $31.66 million as on Sep. 30, 2016, down 7.01 percent or $2.39 million from $34.04 million on Sep. 30, 2015.
Working capital drops significantly
Ascent Capital Group, Inc. has witnessed a decline in the working capital over the last year. It stood at $38.51 million as at Sep. 30, 2016, down 42.19 percent or $28.10 million from $66.61 million on Sep. 30, 2015. Current ratio was at 1.36 as on Sep. 30, 2016, down from 1.67 on Sep. 30, 2015.
Days sales outstanding were almost stable at 9 days for the quarter, when compared with the last year period.
At the same time, days payable outstanding was almost stable at 27 days for the quarter, when compared with the previous year period.
Debt moves up marginally
Ascent Capital Group, Inc. has witnessed an increase in total debt over the last one year. It stood at $1,769.06 million as on Sep. 30, 2016, up 1.65 percent or $28.76 million from $1,740.30 million on Sep. 30, 2015. Total debt was 81.73 percent of total assets as on Sep. 30, 2016, compared with 77.62 percent on Sep. 30, 2015. Debt to equity ratio was at 7.58 as on Sep. 30, 2016, up from 4.96 as on Sep. 30, 2015. Interest coverage ratio improved to 0.48 for the quarter from 0.28 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
