MI-Connection Board of Directors Meets:
Reports Continued Growth and a Strong FY 2015 Q1
On Thursday, November 19, the MI-Connection Board of Directors met to hear the results of the external audit and review financial results for the first quarter of FY 2016 (ending September 30, 2015).
April Bell of auditing firm Dixon Hughes Goodman shared results for the fiscal year that ended June 30, 2015. She stated that MI-Connection is seeing a very positive trend in financial results.
During his review of the financials, MI-Connection CEO David Auger shared that revenue is up 3.74% in Q1 2016 versus Q1 2015. Expenses are favorable in Q1 FY 2016 versus Q1 FY 2015, by .62%. EBIDA (Earnings before interest, depreciation and amortization, a key metric used by cable operators to measure performance) grew by 17.41% from Q1 FY 2016 to Q1 FY 2015.
“We are right on plan,” said Auger, “and my objective is to get EBIDA as a percentage of revenue in the mid-30% range – this changes the free cash flow picture for the towns a lot. We have had a solid quarter.”
Q1 2016 shows 146 new customers and 420 revenue generating units (RGUs); MI-Connection now has approximately 16,740 customers.
The biggest news to share is that MI-Connection is making many enhancements to the customer experience. They have increased residential data speeds this past quarter and customers are seeing great results with downloading and uploading content. MI-Connection is adding 14 channels in high-definition and digitalizing 15 channels to improve signal quality and free up space to offer more high-definition and regular channels. Effective in January 2016, customers will see a slight rate increase. There has been no rate increase since 2013.
In the late winter, MI-Connection will launch whole-home DVR, offering a tera-byte of programming storage, a new intuitive, multi-function customer interface, the ability to stream content on any iOS or Android device, and the ability to remotely program your DVR.
“We are pleased to offer these new services to our customers,” said Auger. “We are constantly working to exceed expectations with superior products and customer service.”
The next meeting of the MI-Connection board of directors is on Thursday, January 21 at 6:30 p.m. at Davidson Town Hall.