Durham’s Profitable PAC

Officials with the Durham Performing Arts Center in North Carolina are reporting better-than-expected revenue for the venue’s first eight months of operation.

Financial statements released Nov. 5 show the facility, operated by The Nederlander Organization and Professional Facilities Management, brought in $6.5 million in ticket sales and $1.5 million in other revenue in the fiscal year ending June 30, according to the Triangle Business Journal of Raleigh.

Expenses included $5.7 million to stage performances and $1.3 million in general and administrative costs, the Journal said.

Overall, the DPAC reportedly ended the fiscal year with $1 million in net income from events, of which 40 percent, or about $400,000, goes to the city’s DPAC enterprise fund to cover debt service on the $48 million facility.

The city will reimburse Nederlander and PFM $100,000 for pre-opening and marketing costs, the paper said.

Durham Mayor William Bell told the Journal the venue has exceeded expectations, especially in a down economy.

“Our first season has been undeniably successful,” Bell said. “The management of DPAC, in addition to operating a first-rate facility, has found the right combination and diversity of performances that attract people from throughout the region, and the numbers show it.”