FiberNET has passes the 5400 customer mark and serves 43% of the homes passed by our network. The division finished FY2012 on June 30 both cash positive and net income position. FiberNet first reached Net Income Position in FY2011 some 3 years ahead of the business plan. FiberNET gathers over $8 Million per year that previously left our community for corporate profits. We are pleased to capture this revenue locally and use it to lower telecom rates, improve broadband speeds and provide a high level of local customer support. By all measures, FiberNET is a success.
FiberNET also allows MUS to pay the City of Morristown an additional $300,000 of In-Lieu taxes, so the City is a big winner. Our lower prices are leaving around $3 Million in rate savings in the local community. We are proud of our telecom division and their commitment to excellence. We are in the background on many successful networks around our community. For one, we provide Gigabit connectivity to the Hamblen County Board of Education. The network is also used to support all utility applications include meter reading, SCADA controls and other business applications.
Corporate communication officials last year passed fear on a local level that their products would cause financial problems for FiberNET. The opposite has occurred. AT&T reversed their decision of rapid deployment of U-Verse in Morristown, admitting on a national level the product just did not work well. Charter uses creative pricing packages to keep customers and many pay different rates. At MUS you can be assured that all residential customers pay the same cost for services. We do not play the pricing games.
MUS is assured our products are by far this highest level of technology available in our City. We pride ourselves in quality of product, quality of customer support and the ability to react quickly to meet your needs. FiberNET strives to provide cutting edge products for business and industry who look to locate new jobs in Morristown.
We thank you for choosing FiberNET. Why would there be another choice!