Canadian Western Agribition is looking at ways to get through the next year given that it will lose most of its revenue because of COVID-19.
The 50th show was to be held this November but was postponed until 2021.
During the organization’s annual general meeting last week, chief executive officer Chris Lane said the challenge ahead is enormous.
“The absence of Agribition show week equals the absence of about 95 percent of our incoming revenue,” he said. “That’s about as significant a financial challenge as this organization has ever faced.”
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Agribition has already incurred six months’ worth of expenses.
“Right now what needs to happen is an aggressive cost management strategy as well as a pretty aggressive new revenue stream development strategy and that’s what we’re going to do,” Lane said.
Staff and the board are working on new programs that won’t replace the show but will maintain an Agribition presence.
Lane said the show could have chosen to go dark and wait for 2021 but instead decided to use the spotlight and platform of Agribition.
“But we should be under no illusion about the uphill struggle financially that this will mean,” he said.
Agribition posted net income of $325,462 from operations in 2019 and doesn’t have any debt.
Attendance dipped to just more than 121,000, which is still in the range where the show needs it to be, said Lane. That includes 1,300 international guests from 86 countries.
International buyers totaled 288, which is the second highest number in the last five years, and international revenue was nearly $1.4 million.
Lane said no other program is growing like the international program. Revenues have steadily climbed since just $123,450 in 2015.
The show welcomed more than 10,000 students. The number of students attending on Fridays has tripled.
Lane said the positive cash flow will help Agribition stay afloat, and he doesn’t foresee taking on any debt despite the 2020 challenges.
Chris Lees of Arcola, Sask., was re-elected president. Rounding out the executive for the coming year are vice-president Kim Hextall of Grenfell, Sask., Levi Jackson of Sedley, Sask., Marty Kratochvil from Milden, Sask., and Michael Latimer from Calgary, as well as past-president Bruce Holmquist from Kinistino, Sask.
Elected to two-year terms were: Jackson, Kratochvil, Kelsey Ashworth of Oungre, Garth Newell from Carlyle, Ali Pike from Grand Coulee and Carol Poole from Edam, all in Saskatchewan.
Serving the second year of their terms are Jodi Banks, Dwayne Bulizuik, Curtis Kuchinka and Courtney MacDougall, all of Regina, Latimer and Stephen Scott from Calgary, and Barry Young from Carievale, Sask.
