Kimmel Center Reports Year-End Surplus for the First Time
June 30, 2006 | Read Time: 1 minute
The Kimmel Center for the Performing Arts, home of the Philadelphia Orchestra, has ended its 2006 fiscal year with an operating surplus of $1.2-million, following last year’s deficit of $2.4-million, reports the Associated Press.
The center, which opened in 2001, had suffered in past years from high debt and sagging ticket sales, and had never finished a fiscal year in the black. But in 2006 the Kimmel Center’s endowment grew by about $7.5 million, bringing the total amount to $32.5-million, half of its goal of $65-million.
The turnaround is due in part to record-breaking attendance for its Broadway series, which included the popular shows “Wicked” and “The Lion King.”
