The company posted a deficit of C$448,000 for the 2004-05 season, and now has a total debt of C$1,140,000.
This season's deficit is due to a drop in ticket sales for both home and touring productions, a total of C$541,000 less than last season. Board chair David Banks speculated that the disappointing sales were due to the lack of a full-length classic ballet, typically a big draw to the box office.
At the company's annual meeting yesterday, executive director Kevin Garland said, "We're sort of struggling to survive."
The company's budget has grown by C$2.4 million, to C$21,331,000, over the last year in preparation for its move to the Four Seasons Centre for the Performing Arts next fall.
Banks said, however, that there was some good news—"the best fundraising year in our history, raising more than [C]$6 million."
In addition to its move to the Four Seasons Centre, the company is adjusting to other changes. Artistic director James Kudelka resigned last spring, and was replaced in June with Karen Kain, a former dancer and well-regarded arts advocate and administrator.