SMG Releases Outstanding Year End
Report For The Centre
Evansville, IN~ SMG delivered an excellent Year End Management Operations Report for 2011 to the Vanderburgh County Commission last evening. Included were details of The Centre’s 226 events, totaling 359 event related days, with an attendance estimated conservatively of over 148,000.
The Centre hosted Broadway performances of Legally Blonde, Spamalot, South Pacific, and three showings of Mamma Mia!. Other great artists included Don Williams, Trans Siberian Orchestra, Hinder, Max & Ruby, Allison Krauss and Union Station, Oak Ridge Boys, Straight No Chaser, Moscow Ballet, and Vince Gill & Amy Grant. Numerous events and conventions were hosted including the Illinois Oil & Gas Convention, dance recitals, trade shows, conferences, and receptions.
Revenue from events at the Centre totaled $1,940,074.66 for 2011. The Centre for the 2011 fiscal year was $297,523.25 under budget.
Event surveys were sent out to all users for 2011, the surveys returned rated their overall experience at the Centre to be 4.49 out of 5, with 1 being “Poorâ€, and 5 “Excellentâ€!
The SMG part time staff completed Customer Service Training and received certification through the Indiana Alcoholic Beverage Commission program for serving alcoholic beverages. Annual training for Emergency Procedures was completed by all event staff and volunteer Ushers.
The first quarter of 2012 will have had two bridal shows, a motorcycle show, a race car auction and trade show, Illinois Oil and Gas Convention, The Really Big Show, Three “Centre’d on Kids†children’s Broadway productions, Disney Live, Cirque Dreams Pop Goes Rock, Sandi Patty and Patsy Clairmont, the Pink Floyd Experience, Gabriel Iglesias, Damn Yankees, Girls In Bloom, and the Home Show, along with numerous receptions, meetings, and training sessions.
SMG continues to build upon the recurring, annual events, as well as pursuing new events that will increase the usage of the Centre, as well as bring quality entertainment to Evansville and Vanderburgh County.
$ 297,523 “under budget” ? The revenue was under that amount for the year ? The projected Operating Loss was less than anticipated ? Pat, Vanna: I’d like to buy an accountant !
Guess the Democrats may have paid some of their debt finally
Congrats! to SMG. They will Rock! in 2012. Keep up the GREAT Work, they have the Resources to continue doing a GREAT Job. I keep seeing the continued Line Up of Entertainment just keep getting better and more Diverse. Keep turning up the burners. Bravo!
But they are still a money losing proposition, otherwise they would have disclosed the amount of the profit they made for the citizens of Vanderburgh County. Don’t be fooled by that whitewash of being “under budget;” they budgeted a net deficit, not a net profit.
How about some profit and loss figures? We don’t need smoke rings blowing in the air.
Here you go, Silverdome:
REVENUE:
Calendar 2011 was $ 1,940,000 as reported in the article, as compared to $ 2,000,000 Budgeted for 2011 and $ 1,989,000 Last Year Actual.
NET INCOME:
Calendar 2011 was a Loss of $ (286,752). The Budgeted Loss was $ (584,276). Yes, The Centre was “under budget” by $ 297,523, but as can be seen still losing money. KEY POINT TO NOTE: The above numbers are from the internally-prepared financial statement for the Centre, it is BEFORE any Year-End adjustments by the accounting firm Harding Shymanski. Last Year (2010), the internally-prepared Income Statement showed a Loss of $ (410,413). The Harding Shymanski reviewed financial showed a Loss of $ (598,732) for 2010. The difference ? The SMG Management Fee of $ 188,000 for 2010 (not included in internally-prepared financials, and another small adjustment).
Therefore, the expected number for 2011, once the H & S work is performed will be a Loss of $ (475,535) for 2011 (reported loss here of $ (286,752) + SMG Mgmt. Fee for 2011 of $ (188,783).
No cause for celebration, another 1/2 million down the sink.
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