MI-Connection Board of Directors Met August 23 to Review Year-Over-Year Data and Compare Q4 2017 to Q4 2016
On Thursday, August 23, the MI-Connection Board of Directors met to review financial results for FY 2017, which ended June 30, and compare last quarter to the same quarter a year ago. Data has been externally audited, but are preliminary and still subject to external audit.
Revenue is even when comparing Q4 2017 to Q4 2016 and total expenses are up by 3.02% in Q4 2017 compared to Q4 2016. EBIDA (Earnings before interest, depreciation and amortization, a key metric used by cable operators to measure performance) decreased by 7.64% from Q4 FY 2016 to Q4 FY 2017. Average revenue per customer is even.
“We didn’t meet our growth projections for this year, and recognize that we have had some tough competition in the marketplace,” said MI-Connection CEO David Auger. “We are confident that the services we offer and our superior customer will make us more competitive in the future.”
FY 2017 vs. FY 2016
Financially, year-over-year, FY 2017 revenue exceeded FY 2016 by 1.79%. EBIDA declined by 8.61% from FY 2016 to FY 2017. Average revenue per customer is up 1.88% from FY 2016 to FY 2017. The customer level stayed about the same year-over-year.
In the enterprise and small/medium business market in FY 2017, MI-Connection grew commercial customers by 10.9% and increased revenue by 10.2%. Commercial revenue as a percentage of overall revenue increased from 12% in FY 2016 to 13.7% in FY 2017.
MI-Connection made a contribution of $2.919 million in debt payment to the Town of Mooresville for FY 2017, and projected a payment of $3.45 million in the FY 2018 budget. The amount the Towns of Mooresville and Davidson made to the debt payment for FY 2017 was $3.44 million and the projected payment for the towns in FY 2018 is $2.93 million. MI-Connection’s contribution toward the debt is projected to exceed the towns’ contributions in FY 2018.