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Shaw Festival's 2007 Season Celebrated at Annual General Meeting |
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Shaw Festival’s 2007 Season Celebratedat Annual General Meeting Media Release #3 Niagara-on-the-Lake, Ontario, January 25, 2008 . . . Members of the Shaw Festival Theatre Foundation, Canada, celebrated the 2007 Season at the Annual General Meeting, held today in the Festival Theatre lobby. Artistic Director Jackie Maxwell remarked on the Company’s triumphant debut in Chicago with Saint Joan at the Chicago Shakespeare Theater. The production, which closed January 20, won unanimous acclaim for The Shaw from audiences and critics alike. She went on to acknowledge the efforts of all members of the Shaw Festival team in making 2007 a successful season, and articulated her vision for the future, saying: “Our audience enthusiastically attends plays they don’t know, embraces new versions of plays they do know, trusting that what they see will always achieve a level of quality, challenge and excitement. We must believe in this, as they do, and while we embrace marketing and fundraising strategies as we must, we can hold hard to the fact that the work is still leading the way, as it must.” Board Chair Richard D. Falconer characterized the 2007 Season as one which garnered tremendous esteem for the Festival for the quality of its productions. He noted that enthusiastic audience response to the season, as well as critical acclaim, led to the strongest in-season ticket sales in the last five years. Treasurer Keith Mosley followed up Mr. Falconer’s comments with the financial results of the season. Despite the strength of in-season sales and early sales to Members, which were up significantly over 2006, a volatile environment for theatre and tourism led to disappointing early sales to the general public from January through March, creating a box office revenue gap. Annual revenues from all sources were $24,789,000, with expenses at $25,716,000, resulting in a deficit of $927,000. The 2007 revenues came from box office (64%), fundraising (23%), government grants (7%) and other revenues (6%). As a result The Shaw has a total net accumulated deficit position of just under $1.9 million. Mr. Mosley also noted that the Shaw Festival Endowment Foundation now manages investments of $16.4 million. Colleen Blake, Executive Director of the Shaw Festival, responded to Mr. Mosley’s report by describing The Shaw’s plans to reduce its deficit while remaining true to its artistic vision. She said: “The strength of this company runs deep and transcends temporary financial challenges. This understanding fuels our commitment to addressing the goals of our Strategic Plan and, particularly Phase II of the Campaign for the Shaw Festival which establishes the means to ensure artistic integrity and growth.” The meeting also elected the members of the 2008 Board of Governors. New Governor Gundy Jackson of Toronto, an Organization Development consultant, was welcomed to the Board. The mid-season appointment of Gary Comerford of Sun Life Financial was officially recognized. The Company acknowledged and thanked retiring Board members David Appel, Janice M. O’Born, Sean P. O’Sullivan and Michal Wadsworth, as well as retiring National Governor Raymond L. McFeetors. The 2008 season is proudly presented by HSBC Bank Canada/HSBC Bank USA, N.A. -30- Please visit our website at www.shawfest.com for other Shaw Festival media releases. For more information, or to download images from our image bank to accompany this release, members of the media may contact: Odette YazbeckPublic Relations Director905-468-2153 or1-800-657-1106 ext. 222
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Patti BroughtonPublic Relations Co-ordinator905-468-2153 or1-800-657-1106 ext. 224
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