Expenses exceed revenue at the moment. The Rep's operating loss went from $220,908 in 2008 to $406,812 in 2009. A deficit of $369,000 was reported for 2009.
The Rep is taking steps to cut costs and launch a special fundraising campaign, but, according to the most recent audit, "there can be no assurance these actions will be sufficient. Based on this uncertainty, there exists substantial doubt about the theatre's ability to continue as a going concern through Aug. 31, 2010."
San Jose Rep released March 9 statement that said the company "is vigorously addressing concerns over the organization's financial outlook as recently reported in the news. These reports on the financial prospects for the institution centered on a note of concern in the Rep's 2009 audit and did not fully reflect the current trends the venerable cultural asset is experiencing heading into the third quarter.
"Based on the Rep's current economic picture, the Rep's Board and leadership have a high level of confidence as to the Rep's ability to finish this season and produce next year's 30th anniversary season.
"The trends are positive heading into the second half of the fiscal year. Ticket sales for the next season, which begins September 2010, are strong and significantly ahead of last year's pace. Fundraising is expected to meet goal for the end of the fiscal year, Aug. 31, 2010. "The Rep is current with the City of San Jose on payments for the line of credit received from the City in 2006. The Rep continues to make great strides in expanding the donor base of community support for its programs, services and diverse education and outreach initiatives."
The Rep's recent productions have included the world premiere of The Kite Runner; the critically acclaimed, high tech production of As You Like It; and the groundbreaking South African play by Ian Bruce, Groundswell.
The Rep was founded by James P. Reber in 1980 as San Jose's first resident professional theatre. Timothy Near became artistic director in 1987 and gave the Rep a mission "to produce plays that spoke to the city’s diverse community both directly or by inflection." Classics old and new, plus world premieres, have been part of the programming mix. In 1997, the company moved "from the quaint but restrictive old Montgomery Theatre into a new, purpose-built home in the heart of downtown enhanced its ability to offer San Jose a wide range of programming, produced to the highest artistic and technical standards."
Rick Lombardo is the artistic director. Nick Nichols is the managing director.