Ariz. Theatre Company Posts Losses for 4th Straight Year
June 26, 2013 | Read Time: 1 minute
The Arizona Theatre Company anticipates more than a $1-million deficit in its operating budget for the fiscal year ending June 30, after a large donation failed to materialize and ticket sales declined, reports The Arizona Republic.
A year ago, the company set a $7.3-million operating budget, counting on an “angel” gift and a sharp rise in box-office sales. Instead, revenue from ticket sales dropped from $4.4-million to $4.2-million and contributions were down slightly from $2-million to $1.7-million.
This marks the fourth consecutive year that the company has ended its year in the red and its worst year since the recession began.
Accusations of mismanagement and poor leadership have surfaced in the company, and it is uncertain if the contract of the company’s managing director will be renewed at this time.
