Despite suffering a deficit during the 2013-14 season, the Estevan Bruins are optimistic about their future, and confident about tackling a long-lasting debt the organization has had stuck to the bottom of their shoe for years.
The Bruins held their annual general meeting on Oct. 30, where they revealed a deficit of $67,016.
The team’s independent auditor from MNP, Angela Krieger, was on hand and outlined some some key portions of the financial statements.
Significant contributing factors to the deficit included the absence of 3-on-3 hockey, which during the 2012-13 season brought in nearly $30,000, and the completion of the Bruins’ dressing room, which meant donations were no longer coming in for that purpose. Hockey sticks were also a cost that increased by $10,000 during the 2013-14 season.
The Bruins posted $897,967 in total revenue last year, which was down from the previous season of nearly $990,000. They registered $657,894 in cost of sales, as well as $283,981 in other expenses, which were both down from the previous year.
"On the revenue side, we were down a little bit. In (the past) we were able to host, as a community, a few of the (Hard Knocks Fighting) MMA events. The 3-on-3 tournament was another one and there were some donations toward the dressing room. Obviously the dressing room was completed and we didn't require any further donations there. All the other areas were up. Certainly when the city hosts some big events and we can get on board with the 50/50, that's a big chunk of change that we didn't see in 2013," said Bruins president Cory Prokop.
Prokop said the club needs to be able to finish in the black without relying on major events.
"I think it's just a bit of a trigger for us to maybe switch gears. We can't depend on those events as fundraising initiatives. We have two or three fundraisers planned that will hopefully take the place of the MMA events. One is the New Year's Eve cabaret that was just announced."
The Bruins had had an increase in revenue based on regular season sales, which was just under $290,000. They brought in $147,830 from season tickets, which was slightly down from the previous season. On the expenses side, they paid out $91,275 in salaries, a significant decrease from $138,462, which was the amount from the season prior.
A profit of $24,056 was made from last year’s playoffs, a drop from the $26,814 that was made during the 2012-13 season. Game day admissions, however, were higher, at $54,744. Travel accommodations were once again doubled, and just broke the $10,000 mark.
The club brought in $259,687 in corporate advertising and about $202,162 in signage and logos, both increases from the 2012-13 season.
With this year’s sportsman’s dinners being moved up to April, it was included in the statements along with last year’s dinner and as a result, the revenue and cost of sales went up by an amount of $49,936 and $52,399, respectively. Overall, an amount of $97,875 was raised through fundraising efforts.
The Bruins long-lasting debt to the City was also discussed. Prokop said a deal was reached with the City and that the interest-free loan with the City of Estevan was renegotiated and the liability is now set at $135,000. It will be payable in monthly installments during September and February of each year at $2,000 per month until the loan is paid in full.
Also notable was the one-year term that was given to Brian Pilloud, who will replace Chad Saxon on the board as vice-president who still had one year remaining on his term. A vote was motioned for Saxon’s position and the two candidates were Pilloud and Chris Hammett, both of whom were nominated by the board.
Brian Skjonsby, Brent Sauter, Randy Bye renewed their terms on the executive board through acclimation.
Prokop said the team has endured a lot during the past year, including a sudden coaching change in the form of Chris Lewgood, took over last year. Prokop noted Lewgood’s passion for the team and acknowledged his hard work on and off the ice.
“Chris did a great job under tough circumstances last year,” he said.
“There’s been a lot of adversity recently,” said Lewgood. “I think the positives greatly outweigh the negatives and I think we’re in a very good place management wise. Our long-term future is looking strong.”
He added the team’s future is looking extremely bright and that the overall goal for the organization hasn’t changed; it’s to bring a championship to Estevan.
