In a statement, board president John T. Cody Jr. praised general director Karen Stone, who replaced Anthony Whitworth-Jones in 2003, for her "responsible stewardship and her skillful handling of staff, patron, and donor demands, energizing The Dallas Opera as never before."

Stone has demonstrated that "artistic quality does not have to be compromised for the sake of the bottom line," he added.

The company attributed the financial turnaround to a two-year fundraising campaign and a series of cost-cutting moves.