MI-Connection Board of Directors Meets:
Reports Continued Growth and a Strong FY 2017 Q1
On Thursday, November 17, 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 2017 (ending September 30, 2016).
April Bell of auditing firm Dixon Hughes Goodman shared results for the fiscal year that ended June 30, 2016. 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 5.78% in Q1 2017 versus Q1 2016. Expenses are up by 3.92% in Q1 FY 2017 versus Q1 FY 2016, related to programming costs. EBIDA (Earnings before interest, depreciation and amortization, a key metric used by cable operators to measure performance) decreased by 11.35% by Q1 FY 2017 vs. Q1 FY 2016.
“The decrease in EBIDA is due to an additional payroll period and accounting adjustment that artificially deflate the numbers when compared to the prior year’s quarter,” said Auger. “We’re really pleased with our financial growth and the services we offer our customers.”
Q1 2017 shows 371 new customers and 593 revenue generating units (RGUs); MI-Connection now has approximately 17,109 customers.
The next meeting of the MI-Connection board of directors is on Thursday, January 21 at 6:30 p.m. at Davidson Town Hall.
MI-Connection is categorized as “High Definition Verified” by the Google Video Quality Report and is the only internet provider in Davidson to achieve this ranking. MI-Connection is also “HD Verified” by Google in Mooresville and Cornelius.
The Google Video Quality Report measures the video consumption and streaming quality of internet providers across the country by zip code. It then compares the streaming quality of each provider. Compared to top service providers in Davidson, MI-Connection came out ahead by achieving an HD ranking, while their larger competitors only achieved standard definition grade.
“We continue to rank very high on this report which is very exciting for us,” said MI-Connection CEO David Auger. “It proves that we work hard to provide the best experience possible for our customers. This is what we strive for every day.”
To see the Google Video Quality Report, visit http://www.google.com/get/videoqualityreport/.
MI-Connection is the community-owned and locally operated communications system proudly serving the towns of Mooresville, Davidson, and Cornelius in the counties of Mecklenburg and Iredell in North Carolina. MI-Connection offers a Triple Play of Services including cable TV, high-speed internet and telephone for both residences and businesses.