It was a good first quarter of 2009 for Brink's Home Security, which was spun out of Brink's last year. The company saw quarterly earnings up 6.4 percent over the same period 2008 as it simultaneously increased its number of accounts.
The company saw its profits rise 19 percent, with net income for Q1 2009 at $15.2 million, creating earnings of 33 cents per share.
During the quarter Brink's Home Security saw its RMR (recurring monthly revenue) rise by 8.4 percent to $41.5 million as it saw 5.7 percent increase in accounts. Accompanying that rise in number of accounts, the company realized a 2.5 percent increase in RMR per customer.
"Brink's Home Security posted solid results in the quarter. We continued to grow our monthly recurring revenue and our subscriber base while generating positive cash flow," said Brink's Home Security President and CEO Bob Allen. "For the full year, we expect to deliver steady growth in our monthly recurring revenue and subscriber base despite some continued pressure on the customer disconnect rate."
Allen said the company plans to launch a new brand identity in the third quarter of 2009, which he says "will lay the foundation for continued growth into the future." The company has currently had to pay royalties to former parent company Brink's to use the name, and has rights for the name until 2011.