The first year inside of Spectra Place made a big difference financially for the Estevan Bruins.
According to audited financial statements released during the club's annual general meeting on October 11, the club had an excess of revenues over expenses of $201,075 for the year that ended April 30.
"It's a number that not only myself, but the executive are proud of," said president Jeff Pierson. "A lot of hard work went into this, and obviously just having Spectra Place to work out of has helped contribute to that."
It's a stark contrast from the $61,519 deficit the club suffered the previous year.
Revenues soared from $625,577 in 2010-11 to $920,775. Expenses were higher, too, as they increased from $88,429 to $121,111, but the club still had a financial bonanza.
When the Bruins moved into Spectra, Pierson said that they knew it would improve their financial picture. But they never expected it would be as good as it was in the first year.
Among the revenue highlights:
*Season ticket revenues soared from $67,913 to $177,646;
*Game day gate admissions went from $41,165 to $99,386;
*The 50/50 sales nearly tripled from $24,353 to $71,767;
*Playoff revenues jumped from $38,467 to $54,563;
*Corporate sales increased from $158,183 to $268,219;
*Other sales and expenses, which included the three-on-three spring hockey league and the SJHL Showcase, quadrupled from $44,163 to $181,214. Showcase posted a surplus of about $4,000, while the three-on-three league had a surplus of about $24,000.
Byron Mack from MNP, who presented the financial statements, noted that as of April 30, the club had $97,000 in unrestricted cash and about $53,000 in restricted cash. A year earlier, there was about $18,000 in unrestricted cash and $90,000 in restricted cash – another sign of the team's financial turnaround.
The financial success of 2011-12 has also been good news for the club's debt. Their contract with the City of Estevan stipulates that a quarter of any financial surpluses must be turned over to the City to pay off the debt.
"This will allow us to address the long-term debt that has been hanging over this hockey club for the better part of 25 years," said Pierson. "That's a big thing. It also puts us in a position where we can operate as a top-notch Junior A hockey club, both on and off the ice."
The Bruins raised and distributed close to $50,000 for Estevan's day cares and the Estevan Minor Hockey Association last season. The club participated in events with local schools, the Estevan Salvation Army and the local Angel Tree toy drive. They were involved with breast cancer awareness programs and literacy programs.
Also during the meeting, Brent Sauter and Randy Bye were re-elected to the executive, and Brian Skjonsby was elected to a first term. They join Pierson, vice-president Chad Saxon and Cory Prokop. The club is seeking one more member to round out the executive.