Covelli Centre Income Beats Projection

YOUNGSTOWN, Ohio – The Covelli Centre posted net income of $261,358 for the first quarter of 2015, quarterly numbers released by the city show.

Net income for the three months ended March 31 was more than $30,000 ahead of the $230,889 projected for the period, according to the report. Total direct event income was $200,727, ahead of the $185,409 budgeted, and total ancillary income was ahead of projections as well by nearly $10,000, $178,288 compared with the projected $169,792.

Total event income was $544,650, ahead of the $483,251 budgeted. Adjusted gross income, which includes luxury box agreements and club seat arrangements, was $820,423, ahead of the $755,501 budgeted.

Indirect expenses for the quarter totaled $559,065, higher than the budgeted $524,612. Among the expenses higher than budgeted were operating expenses ($49,193, compared with the budgeted $47,468), net salaries and benefits ($238,516, higher than the $231,378 budgeted) and utilities ($112,383, ahead of the $103,503 in the budget).

Expenses were lower than budgeted for repairs and maintenance, management fees and contracted services.

Last year the Covelli Centre had its best year to date, with a total profit of $706,718.61.

Copyright 2022 The Business Journal, Youngstown, Ohio.