Covelli Centre Earns $306,862 in 1st Quarter
YOUNGSTOWN, Ohio – The Covelli Centre finished the first three months of 2016 slightly ahead of projections, according to the quarterly report released this morning.
The arena, which the city of Youngstown owns and operates, finished the first quarter reporting net income of $306,862, slightly ahead of the projected $304,861.
“The key was we had 29 events in all,” said Eric Ryan, the Covelli Centre’s executive director. “We had a couple of big concerts led by Carrie Underwood and Elton John, but anytime you have that many events, it’s a good thing.”
Ryan said he is particularly pleased considering the second quarter will be slow, as it typically is.
Total event income was $609,946, ahead of the $597,103 projected. Lower-than-projected income from luxury box agreements affected the total of other operating income, which also includes club seats, advertising and practices.
Income from luxury box agreements was $96,443, down from the $104,136 budgeted for the quarter. Total other operating income was $271,681, off from the projected $279,126.
Ancillary income, which includes concessions, novelty sales, catering and parking, totaled $198,225, up from the $196,221 budgeted.
Adjusted gross income totaled $881,627, up from $876,229.
Indirect expenses, which include salaries and benefits, general and administrative expenses, operating expenses and utilities, totaled $574,765, up from the budgeted $571,368, according to the report.
Copyright 2021 The Business Journal, Youngstown, Ohio.