Revenue on the rise at Alex Theatre, managers say
When factoring in expenses, the Alex Theatre posted $89,627 in net income, more than double the amount from the same time in 2014.
Downtown Glendale’s Alex Theatre was strong both financially and operationally in its latest quarter, managers of the historic venue told the City Council during a presentation Tuesday.
Glendale Arts, the nonprofit that oversees the city-owned theater, said revenue rose to $469,224 between Oct. 1 and Dec. 31, the theater’s second quarter — an increase of nearly $96,000 compared to that same period in 2014.
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When factoring in expenses, the Alex also posted $89,627 in net income, more than double the amount from the same time in 2014.
City staff pointed to “strong rental activity and higher revenue-yielding events†to explain the hike, adding that the increases boost the ability of the entire Glendale Arts organization to become self-funded and not require city aid.
The Alex had 61 days of activity during the second quarter, five more than it had during that quarter in 2014, according to Glendale Arts leaders.
Events included five film screenings, two television shoots, six dance performances and two corporate meetings.
Attendance also increased for the most recent second quarter with 26,673 patrons, up from 22,750 during the same quarter in 2014.
Elissa Glickman, chief executive of Glendale Arts, said the immediate future for the Alex looks bright because it’s hosting an annual awards ceremony on April 23 for the Location Managers Guild International, a movie, television and commercial industry group.
“It will be a very exciting evening,†she said.
Glickman called the guild’s award ceremony a “great opportunity†to expose both the Alex and city to industry representatives for possible production opportunities. The guild is also co-developing a promotional video about Glendale, Glickman added.
In February, Glendale Arts reported a flourishing first quarter for the theater, which posted a $148,000 gain between July and September. The period was the theater’s most successful since 2008.
Last year, the 1,400-seat Alex, which features Egyptian and Greek motifs, celebrated its 90th anniversary. Its iconic 100-foot-tall Art Deco neon tower was converted to LED bulbs, expected to last considerably longer and be more environmentally friendly than the previously used incandescent bulbs.
In 2014, the Brand Boulevard theater underwent a $5-million face-lift that included new dressing rooms, a freight elevator and a loading dock.
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Bradley Zint, [email protected]
Twitter: @BradleyZint
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