Canadian Western Agribition has reported a record-setting profit of $307,616 for the fiscal year ending Jan. 31, 2012.
At the organization’s annual meeting in Regina May 31, chief executive officer Marty Seymour said increases in attendance, sponsorship and sales were responsible for a remarkable turnaround from a $205,000 loss the previous year.
More than 126,000 visitors attended the 2011 show, including a strong international contingent.
Livestock sale revenue was up 17 percent and the rodeo audience was 15 percent higher.
Sponsorship was nearly $100,000 higher than 2011.
On the expense side, the show cut costs in some areas, such as marketing, by pulling functions in-house. It also cut the exhibitors’ reception, which will return this fall.
In addition to covering last year’s loss, Agribition plans to use its profit to replenish its contingency fund and put aside funds for facility improvements. The first investment will be in improving wash racks in Canada Centre Arena, Seymour said.
He told those attending the meeting that Agribition is first and foremost a beef show.
“Everything else stems off of the cattle,” he said. “It’s the heart of the event. It will continue to be the heart of the event.”
However, the show will continue to explore ways to include all facets of the industry. A grain expo is planned for this fall’s show, for example.
It will also continue to focus on drawing more urban people to the event. The show contributes $27 million to Regina and the province each year.
The 2012 show will be held Nov. 19-24. In 2013, it will be held earlier because Regina is hosting the Grey Cup.