Posted: May 31, 2012 6:04 PM by Steven Albritton
Updated: May 31, 2012 6:05 PM
LUS Fiber ran the numbers on their last fiscal quarter and got good news; after three years of being in business they have turned the profit they have been waiting for.
"To finally get to a point where we can say we're making enough money on selling our services, enough people in this community have confidence in us to buy services from us. That now we have enough cash to pay what our note is each month and total cost of operation system. We are excited about that," LUS Fiber Director Terry Huler said.
Originally they borrowed $125 million dollars from the city fund the start up business. Now that they have started turning profits they can now pay those debts strictly out of their revenue and won't have to dip into the loan fund anymore.
By the end of this year they are projecting to earn over $1 million dollars and that is 30% more, and by the end of 2015 a little more than $9.5 million. All of last year LUS Fiber only made $7 million dollars compared to the first six months of this year where they have brought in over $11 million dollars. Officials say this is what they predicted would happen.
"At this point by the end of this year we thought we would , we projected in our budget last year that we would be about $800,000 in the cash positive and it looks like it's going to be over a million," CFO Lorrie Toups said.
One problem they've had to deal with over the years is lawsuits from other companies. They
Over the next 20 years, LUS Fiber will repay over $175 million dollars to the city. This includes interest on the loans.