During the first quarter of 2012, MI-Connection had a net loss of $1.2 million, despite increasing revenues and decreasing expenses, according to the company’s most recent financial report.
But CEO David Auger said the company is making progress. “This was our strongest quarter in the history of the company both in revenue and … revenues less operating expenses,” he said.
The net loss wasn’t as great as in the last quarter of 2011, when the company lost $1.7 million.
According to the publicly-owned company’s report, MI-Connection revenues increased slightly between the last quarter of 2011 and the first quarter of 2012, from $3.95 million to $3.99 million, an increase of about 0.8 percent.
Meanwhile, expenses decreased by 11.2 percent – from $3.6 million to $3.2 million.
The number of customers grew by 1.6 percent, from 14,773 to 15,016 since the last quarter, the report said.
“In terms of customer growth, it was our second-best quarter in the history of the company,” said Auger.
Despite growth in customers, MI-Connection continues to need funding from the towns of Mooresville and Davidson, which own it.
In March, MI-Connection asked the towns for an additional $1.1 million for the current fiscal year.
In total, Davidson already has paid $2.3 million to the company this fiscal year, while Mooresville paid $4.7 million.
The company already has Davidson for $2.09 million and about $4 million from Mooresville for fiscal year 2012-13.