Increased education costs and failed Autumn Fun Fest leading factors in loss.
The Swift Current Broncos Hockey Club reported a cash loss of $13,535 at their Annual Shareholders meeting on Tuesday.
The loss was compounded by an increased education fund liability of just over $127,000, moving the paper loss to $135,000 for the fiscal year. This fund factors in the potential future education costs based on signed players and the likelihood of those players attending postsecondary institutions at the conclusion of their junior hockey careers.
“I think hidden within that loss are a lot of really positive aspects,” said Chairman of the Board, Liam Choo-Foo. “Our big goal was that we asked our fans to be patient and join us in a renewal of the Broncos organization. As such, we have seen that commitment. We have seen tickets sales increased. Our revenues have increased on game day. Our concessions are up, our liquor sales, our 50-50’s, they are all up and we are seeing that are demographic is getting younger. We are really feeling that energy from our fan-base.”
The franchise reported a $57,000 increase in hockey operations revenues, with $46,000 coming from gate revenues. The organization also increased its corporate sponsorship by $45,000.
Attendance remained steady from the previous season but the club announced increases in revenues of $13,000 in both alcohol and 50-50 sales.
The Broncos had a huge fundraising shortfall this year due to the Autumn Fun Fest, held September 14, 2012, featuring country music star Dwight Yoakam.
“Unfortunately we moved forward in trying to start the year off with a bang with a world-class, fun opportunity to unite with Southwest Saskatchewan in a big celebration with the Broncos. It was all of that, it was just that not enough people came to join with us. So that has put us behind the eight-ball. There are lessons that we have learned from that and so going forward we believe that we can turn this around.”