MI-Connection, Mooresville and Davidson's government-owned cable, internet and telecommunications provider, posted stronger financial results from October through December than it had during the same period in 2009.
The improvements included fewer expenses, higher revenue and operational cash flow.
Revenue was up 4.7 percent from the same period in 2009. Earnings before interest, depreciation and amortization, also known as operational cash flow, soared by 380.5percent, General Manager Alan Hall reported to MI-Connection's board of directors Jan. 28.
The increases were far greater than expected, Hall said. "We have, in six months, surpassed our performance for the entire year (in 2009)," he said.
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Meanwhile, expenses fell by 11.1percent compared to the same period of 2009, and the average amount of revenue per customer was up by 8.9percent, Hall reported.
Board Chairman John Kasberger said the news was good for the system as it moves toward greater self-sufficiency by bringing more services and employees in-house. That transition was announced in early December and is scheduled for completion in the second half of this year.
Since its inception three years ago, MI-Connection has relied on Bristol Virginia Utilities to manage its system. After the transition, that company will become an MI-Connection service vendor.
"These second-quarter numbers confirm to us that MI-Connection is a strong company that offers state-of-the-art products and customer service," Kasberger said in a news release. "We're pleased with our continued growth, especially in such a difficult economic climate, and we're looking forward to what the future holds."
For more details about the company and the transition, visit www.mi-connection.com.