The Port Theatre Society announced an accumulated operating surplus of more than $62,000 for the 2012 fiscal year, adding it remains without accumulated debt.
Society board members made the announcement on March 26 at the society’s annual general meeting.
The surplus is a big turnaround from the society’s 2011 numbers, where it reported an operating deficit of $114,000, largely due to reduced ticket sales and theatre rentals.
That prompted the society to ask the city for a bailout and to restructure its co-management agreement.
The city responded by transferring $74,500 from the theatre’s capital reserves to help offset the deficit, as well as providing about $90,000 in operating relief, allowing the society to focus on streamlining programs and improving ticket sales.
At the AGM Fred Jacklin, Felicity Adams, Chris Widsten and Jim Ballard were re-elected to two-year terms on the society’s board, rejoining Ken Flannagan, Marilyn Sullivan, and Jim Vanstone.
Long-time board member Glynis Hayes stepped down from her duties after three terms.
A service award was also presented to Judy Palm for reaching 4,000 hours of volunteer work with the Port Theatre Society, a milestone reached previously only by one other volunteer.