Continuum Board Presents 2018-19 Budget
DAVIDSON, NC –The Continuum (formerly known as MI-Connection) Board of Directors met Thursday, May 17 at Davidson Town Hall to present their FY 2018-2019 budget and share their third quarter 2017-2018 results.
Continuum’s budget year begins July 1, 2018 and runs through June 30, 2019. The meeting began with a public hearing regarding the proposed FY 2018-2019 budget. CEO David Auger presented the budget, which shows continuing growth: total revenue is projected at $22,011,453, and cost of goods sold is projected at $8,817,724, yielding a gross profit of $13,193,729 or 60%. Total operating expenses are projected at $5,876,596 and EBIDA (earnings before interest, depreciation and amortization, a key metric used by cable operators to measure performance) is projected at $6,047,000. A total of $6,413,690 will go toward paying debt service. The subsidy to Continuum by the Towns of Davidson and Mooresville is projected at $2,936,690 with the remainder funded by Continuum’s free cash flow. The Town of Davidson will contribute $1 million based on our most recent interlocal agreement with Mooresville.
Auger also shared third quarter FY 2017-2018 results. Revenue is up by .47% and total expenses are up 3.82% in the third quarter of FY 2017-2018 compared to the third quarter of FY 2016-2017. EBIDA is down 9.69% as compared to 2017 and overall EBIDA percentage is at 22.29%.
While revenue generating units are down 1.08%, customer relationships have increased .05% in FY 2017-2019 as compared to FY 2016-2017.
The Continuum Board of Directors approved the proposed FY 2017-2018 recast budget and the proposed FY 2018-2019 budget.
Continuum plans to hire 12 new technical support and customer service representatives in their Mooresville headquarters. Once the new positions are filled, Auger says he will have achieved his goal of successfully transitioning the company to offering 100% local customer service and support for both residents and businesses in Mooresville, Davidson, and Cornelius.
“Based on business decisions to bring all services in-house, our overall revenue is trending upward,” said Auger.
For more information on Continuum and services available, please visit: www.ourcontinuum.com.
The next meeting of the Continuum Board of Directors is Thursday, June 28 at 6:30 p.m. at Davidson Town Hall.