[Durham INC] DPAC Releases 2nd Season Financial Results

[Blalock, Amy]

CITY OF DURHAM

Office of Public Affairs

101 City Hall Plaza

Durham, NC 27701

 

 

News Release

 

For Details, Contact:

Beverly B. Thompson

Public Affairs Director

(919) 560-4123 x 11229

(919) 475-2362 (cell)

Beverly.Thompson at durhamnc.gov

 

For Immediate Release:  August 19, 2010

 

 

Results Released for Second Successful Season for Durham Performing Arts
Center

 

DURHAM, N.C. - In its second year of operation, the Durham Performing
Arts Center (DPAC) earned nearly $1.2 million for the City of Durham,
according to the preliminary, unaudited financial statement for the
period ending June 30, 2010, released today by the City, which owns the
facility.

 

"Again, this year, the success of DPAC is astounding, especially given
the economic conditions that the city, state, and country are facing,
said Mayor William V. "Bill" Bell.  "DPAC management continues to find
the right combination of excellent customer service, Broadway shows, and
other performances that make people in Durham, the Triangle, and even
statewide, want to attend and return to DPAC."

 

While DPAC sold over 10,000 season tickets to its flagship SunTrust
Broadway Series, the success was driven not only by Broadway shows, but
also by the wide variety of events including concerts, comedy, and
family shows. Drawing attendees from all over the Triangle and
throughout the state, the season boasted over 320,000 guests, 61
sellouts, and hosted over 175 total events.   

 

According to the preliminary, unaudited financial statement, the Durham
Performing Arts Center, LLC generated a net income of $2.9 million, of
which, pursuant to the operating agreement with the City, 40 percent, or
nearly $1.2 million, is to be shared with the City.

 

The income will go into the City's DPAC Fund, which is used for debt
service, repairs, maintenance, and other improvements to the building.
These funds will help make up for other revenue shortfalls, including
naming rights and hotel/motel occupancy tax, totaling more than
$448,000. While the City has had some success with naming rights,
securing major naming rights sponsorships has been challenging due to
current economic conditions. 

 

As part of an agreement earlier this year to pay for additional sound
equipment for the facility, the final payment of $164,108 for half the
equipment's cost will be deducted from remittance to the City.

 

According to the Durham Convention and Visitors Bureau, based on the
number of people attending performances, DPAC's total economic impact to
Durham was more than $24 million last year.  Of the ticket sales last
year, more than one-fourth were from 32 sellout performances of the hit
Broadway show Wicked.  

 

"The City could use several more shows like "Wicked," but the reality is
that blockbuster shows like this come along rarely," Bell said. "So we
are definitely putting this year's success in perspective. While numbers
are important, we still can say with certainty that the Durham
Performing Arts Center continues to be an asset to Durham and to the
region creating an economic impact that benefits everyone," he said.

 

For more information about DPAC, visit www.dpacnc.com
<http://www.dpacnc.com/> . 

 

# # #

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://rtpnet.org/pipermail/inc-list/attachments/20100819/a25d4af0/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 3070 bytes
Desc: image002.jpg
URL: <http://rtpnet.org/pipermail/inc-list/attachments/20100819/a25d4af0/attachment.jpg>