Durham Performing Arts Center earns $400K for city in first eight months

After eight months, the Durham Performing Arts Center has generated $401,706 for the City of Durham, more than four times the first full-year expectations, according to a draft audited financial statement for period ending June 30, 2009.

According to the financial statement released today, the Durham Performing Arts LLC made a profit of $1,004,265, of which 40 percent, or $401,706, is to be shared with the city, which owns the building. 

Most of the overall income was generated by ticket sales, rental income, and concessions totaling nearly $7.9 million, with most of the expenses involving stage show costs amounting to more than $5.6 million, according to a news release.  Other expenses were administrative related to building operations, including utilities and other operational costs.

During the first year of operation, Nederlander and PFM loaned DPAC about $100,000 to cover pre-opening and marketing expenses of the facility, the release said.  That amount will be deducted from the final remittance to the City.
 
To read the draft audited financial statement, go here.