WaterTower Theatre Ends Fiscal Year Solidly in the Black

Gregory Patterson, Managing Director of WaterTower Theatre today announced that the Company has ended its fiscal year ending September 30, 2016 solidly in the black.

Unaudited financial results show the Company's prudent financial management resulted in $1,736,253 in revenue (contributed and earned) and $1,709,277 in expenses, resulting in a $26,560 surplus at fiscal year end. Contributed income from all sources increased by 23% over the prior year and exceeded budget by 11%. During the 2016 fiscal year, 20,915 people attended productions given by WaterTower Theatre on its Canterbury Family Main Stage at the Addison Theatre Centre.

The most successful productions of the 2015-2016 Season were Creep, the world premiere musical written by Donald Fowler and directed by Kate Galvin, performing to 92% capacity and the Regional Premiere of the stage adaptation of William Golding's Lord of the Flies, directed by Kelsey Leigh Ervi, which played to 86% capacity. The Company gave 128 performances in The Canterbury Main Stage in the 2015-2016 Season with overall attendance of 76%.

During the 2015-2016 Season, WaterTower Theatre produced one world premiere (Creep) and four regional premieres (Lord of the Flies, The Big Meal, Outside Mullingar and One Man, Two Guvnors). During the season, WaterTower Theatre employed 208 local artists (actors, designers, directors) and employed ten full-time professional staff, six part-time staff and more than 200 volunteers. WaterTower Theatre is governed by a 21-member Board of Directors, Chaired by Derek Blount and led by President Paul Shultz. Using the generally accepted Americans for the Arts economic multiplier effect, WaterTower Theatre injected more than $2.4 million into the local Addison and DFW economy.

On December 15, 2016, WaterTower Theatre announced Joanie Schultz as the Company's newly appointed Artistic Director, assuming. The 2017-2018 Season will be announced in May 2017.

"I can't think of a stronger endorsement for WaterTower Theatre than the nearly $1.2 million in contributions and $500,000 in ticket revenue. The support provided to WaterTower Theatre by the generous volunteers, donors, affinity group members like Women of WaterTower Theatre (WOW!), corporations and foundations in DFW and Addison illustrates the genuine compassion that this community has for this Company and what it provides. I would especially like to thank the Executive Committee and our entire Board of Directors for their tireless efforts on behalf of WaterTower Theatre," said Paul Shultz, President of the Board.

"WaterTower Theatre has remainEd Strong this year and we are looking forward with great confidence to our future," said Chairman Derek Blount. "I'm extremely pleased that our contributed income was up by 23% over the prior year which sends a very positive message to other funders."

"We couldn't be happier with the results of the 2016 fiscal year," said WaterTower Theatre Managing Director Greg Patterson. "This feat is especially gratifying as we look to the future with our new Artistic Director Joanie Schultz. The increases we have experienced in fundraising underscore WaterTower Theatre's firm foundation as we celebrate our 20th Anniversary and the arrival of our new Artistic Director. WaterTower Theatre's Board of Directors, led by Chairman Derek Blount and President Paul Shultz, is to be commended for their leadership and generosity."

WaterTower Theatre's annual budget, as with all comparable nonprofit arts organizations, is based on the premise that box office receipts alone can never cover the expenses associated with productions of live theatre. Professional, live theatre is a labor intensive craft, with each production custom made by scores of artists, craftspeople and other professionals. Thus, the cost of presenting these live performances is much greater than what can be earned solely through ticket sales. WaterTower Theatre therefore relies on contributed income to make up the difference in order to keep ticket prices as affordable as possible to ensure as many people as possible can have the opportunity to enjoy and learn from a live theatre production. The same is true for the host of arts education programs WaterTower Theatre produces to students and adults in our community, most of which are offered free of charge or at a nominal tuition.

WaterTower Theatre is one of the leading regional theatres in North Dallas and Texas. The company celebrates its 20th anniversary during the 2016-2017 Season. The Company has consistently been recognized for its artistic excellence by the Dallas Theatre League, Dallas-Fort Worth Theater Critics Forum, The Dallas Morning News, The Dallas Observer, D Magazine, and The Fort Worth Star-Telegram, among others. WaterTower Theatre has a subscription base of more than 2,000 subscribers and serves an audience of over 20,000 patrons annually.

WaterTower Theatre is a 501 (c) (3) non-profit organization as designated by the IRS. Like all arts organizations, WaterTower Theatre relies on both ticket income and donations from individuals, corporations, foundations, organizations, and government to produce live professional theatre and offer community outreach and arts education programs. WaterTower Theatre is grateful for the support provided from The Town of Addison, TACA, The National Endowment for the Arts, the Texas Commission on the Arts, the Shubert Foundation, and the hundreds of individuals, corporations and foundations whose annual donations allow WaterTower Theatre to consistently produce world-class live professional theatre.

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