[Durham INC] DPAC 2014/2015 Season Financial Results Released

[PublicAffairs]

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CITY OF DURHAM
Office of Public Affairs
101 City Hall Plaza
Durham, NC 27701

News Release


News Media Contact:
Beverly B. Thompson
Director
(919) 560-4123 x 11229
(919) 475-2362 (cell)
Beverly.Thompson at DurhamNC.gov<mailto:Beverly.Thompson at DurhamNC.gov>
http://Facebook.com/CityofDurhamNC
http://Twitter.com/CityofDurhamNC
http://YouTube.com/CityofDurhamNC


For Immediate Release: September 24, 2015



Share!  City of #Durham earns more than $1.6 million from @DPAC record-breaking season; http://bit.ly/1YDt7rf



DPAC 2014/2015 Season Financial Results Released

DURHAM, N.C. - The City of Durham has released the 2014/2015 season financial results for the Durham Performing Arts Center (DPAC)<http://www.dpacnc.com/>, showing the City earned more than $1.6 million, according to the preliminary, unaudited financial statement for the period ending June 30, 2015.

The City owns DPAC, which is managed by PFM/Nederlander<http://www.dpacnc.com/center-info/nederlander-pfm>, operators of the performing arts and entertainment facilities in America and worldwide.

According to the preliminary statement, Durham Performing Arts LLC generated a net income of more than $5.3 million, of which pursuant to the operating agreement, more than $1.6 million will be distributed to the City.

The income will go into the City's DPAC Fund (page V-36<http://durhamnc.gov/DocumentCenter/Home/View/4267> in the City's FY 2015/2016 Fund Summaries budget document), used for debt service, maintenance, building improvements and other possible revenue shortfalls, including naming rights and hotel/motel occupancy tax.

The 2014/2015 season broke records<http://www.durhamnc.gov/agendas_new/2015/cws20151005/10722_PRESENTATION_DPAC_OPERATOR_PRESENTATIO_378028_661260.PDF> for DPAC with 448,998 guests, 224 events, and 112 sellouts. Based on current mid-year rankings published in July 2015, Pollstar<http://www.pollstar.com/> ranked DPAC as the #2 theater in the United States for attendance. According to analysis by the Durham Convention & Visitors Bureau<http://www.durham-nc.com/>, DPAC's 2014/2015 season had a total economic impact on Durham of $63.5 million.

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