"We are pleased with another quarter of organic revenue growth and an increase in customer count during these challenging economic times. An 8.0% improvement in monthly recurring revenue combined with continued expense control helped deliver strong earnings growth for the quarter," said president and chief executive, Bob Allen. He concluded, "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 International."

The date for the special meeting of shareholders to vote on the proposed acquisition by Tyco International has been set for May 12, 2010. Assuming the proposal receives the necessary shareholder approval, the transaction is expected to close on May 14, 2010.

Revenue for the first quarter of 2010 was USD 146.5 million, representing an increase of 7.7 percent from USD 136.0 million recorded in the same period one year ago. The increase in revenue was primarily due to continued growth in the subscriber base and higher average monitoring rates.

Operating profit was USD 28.9 million, an increase of 15.1 percent from USD 25.1 million in the first quarter of 2009. The increase in operating profit was largely due to higher profits from recurring services on the larger subscriber base in the current quarter and a USD 4.0 million litigation charge incurred in the first quarter 2009. Partially offsetting this combination was an increase in brand introduction costs, which reduced operating profit in the first quarter of 2010 by USD 7.9 million and USD 1.1 million in the comparable quarter in the prior year. Excluding the brand introduction costs, operating profit would have been USD 36.8 million and USD 26.2 million, or 25.1 percent and 19.3 percent operating margins, for the three months ended March 31, 2010 and 2009, respectively. Additionally, in the first quarter 2010, the Company incurred approximately USD1.4 million of costs related to the pending merger transaction.

Net income for the first quarter of 2010 was USD 17.5 million and diluted GAAP earnings per share were USD 0.38, compared to net income of USD 15.2 million and GAAP earnings per share of USD 0.33 in the same period last year. Brand introduction costs reduced net income by USD 4.8 million, or USD 0.10 per share, in the first quarter of 2010. In the first quarter 2009, the litigation charge reduced net income by USD 2.4 million or USD 0.05 per share and brand introduction expenses reduced net income by USD 0.7 million or USD 0.02 per share.