MI-Connection enjoys solid revenue increase
by Staff Writer
MOORESVILLE – A cable provider’s dream is to increase its profits while decreasing its expenditures.
MI-Connection managed to pull off both, according to its late January announcement of a 4.2 percent revenue increase from the second quarter of 2012 to the beginning of this year. Expenses were down 4.4 percent in the same period.
For David Auger, president of the Mooresville-based company, which also provides cable and Internet service to Cornelius and Davidson, it was pleasant news.
“Our goal is to be a 100 percent self-sufficient company,” he said. “(Profit increases) are part of our plan. Now, we need to continue it.”
As of Dec. 31, the company had 26,263 revenue-generating units, or cable products, an increase of 383 in the fourth quarter. MI-Connection added 91 customers in the same period for a total of 15,056.
The uptick in revenue comes at a time when the cable industry is growing. According to a National Cable and Telecommunications report, the industry has added about $4 billion in revenue annually since 2008. It’s now a $100 billion business.
MI-Connection wants to attract more customers to gain a greater piece of the market. While the company hopes to continue increasing profits, Auger is buoyed by support from the community and the company’s board of directors.
Board Chairman John Venzon said in a press release that customer service and technology improvements set MI-Connection apart from its competition.
MI-Connection has also agreed to a new three-year programming contract with WCNC, Charlotte’s NBC affiliate. MI-Connection was initially asked to up its contributions to WCNC by 161 percent, but both sides agreed on a 104 percent increase. The new agreement ends Dec. 31, 2015.
Auger said this year is pivotal in MI-Connection’s mission to increase customers and revenue.
“I’ve seen a shift in perceptions in the marketplace,” he said. “People are realizing (MI-Connection) is here, and we’re going to make it work.”