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On Thursday, October 26, the Continuum (formerly known as MI-Connection) Board of Directors met to hear the results of the external audit and review financial results for the first quarter of FY 2018 (ending September 30, 2017).
April Bell of auditing firm Dixon Hughes Goodman shared results for the fiscal year that ended June 30, 2017. She stated that Continuum is seeing a positive trend in financial results.
During his review of the financials, Continuum CEO David Auger shared that revenue is down 2.3% in Q1 2018 versus Q1 2017. Expenses are down by 0.59% in Q1 FY 2018 versus Q1 FY 2017. EBIDA (Earnings before interest, depreciation and amortization, a key metric used by cable operators to measure performance) decreased by 12.03% by Q1 FY 2018 vs. Q1 FY 2017.
EBIDA for Q1 FY 2018 was $148,605 lower compared to the same period a year ago. Most of this variance was due to the budgeted name change. Marketing expenses year-over-year were $114,157 higher. Another significant reason was that in the first quarter of last year, advertising revenue was $80,647 higher due to state and national political advertising buys and the fact that this is not a state/national election year.
“Our customers, new and existing, seem to be really excited about the re-branding, including the addition of new channels and a customer rewards program,” said Auger. “Our customers continue to appreciate our excellent customer service and the Whole Home Gateway product.”
The next meeting of the Continuum board of directors is on Thursday, January 25 at 6:30 p.m. at Davidson Town Hall.