Canadian Western Agribition sustained a small financial loss in 1998, management reported at the recent annual meeting.
The show lost $4,659 after depreciation, on revenues of $2.6 million.
“It’s basically break even in a $2.5 million budget,” said executive vice-president Wayne Gamble. “Considering the state of the ag economy we were pretty pleased with the support.”
In 1997, the show earned $14,000.
Gamble said 1998 revenue was down about one-half of one percent, but that was tempered by holding the line on expenses.
Sponsorship revenue increased eight percent and display revenue went up one percent. These increases offset decreases in livestock and general show revenues. Livestock revenue was off about six percent.
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Last year’s show attracted 146,000 visitors, including 440 international guests from a record 46 countries. Gate proceeds were down, likely due to poor weather on the closing Sunday.
Auction sales, from which Agribition earns commissions, totaled more than $3.5 million. Gamble noted that total is down because there was no alpaca sale and the elk sale included calendar year calves, not bred females.
“Our beef sales are really a fraction of what they used to be and that’s a function of the maturity of our beef industry,” he said.
When Agribition began, cattle marketing wasn’t as sophisticated as it is today, he said. Producers used to sell more cattle right at the show, but now use the event to encourage others to come to their production sales.
Meanwhile, the new Stockman’s Centre will be ready for the 1999 show. The building will link several others at Regina Exhibition Park, including the stadium which is undergoing renovations. The Regina Exhibition Association is leading that project.
But, in the Agribition annual report, Gamble noted neither organization has the type of cash flow needed to finance capital projects. The Agri-Food Innovation Fund provided funding for the Stockman’s Centre project.
