NTRA Reports Positive Net Revenue
by Ron Mitchell
Date Posted: 6/27/2013 3:05:39 PM
Last Updated: 6/28/2013 6:16:00 PM
The National Thoroughbred Racing Association reported that after several years of losses, the Lexington-based organization posted positive net revenue of $66,851 during fiscal year 2013.
According to the NTRA's 2012-13 annual report to membership released June 27, the results for the most recent year represented a $665,777 improvement over the prior-year period net loss of $598,927.
"This is great news after several years of reporting losses," NTRA president and CEO Alex Waldrop said in the report's opening message, adding that, "We are encouraged by early financial results indicating that we are on course to generate positive net revenue during the current fiscal year as well."
For the fiscal year ending Jan. 31, NTRA reported total operating revenues of $8,163,457, compared with the $10,592,745 figure for the 13-month period ending Jan. 31, 2012. Operating expenses totalled $8,266,313 in 2013, compared with $11,337,370 for fiscal 2012 that covered 13 months.
(On Sept. 23, 2011, the NTRA board approved changing the organization's year-end from Dec. 31 to Jan. 31 since the NTRA has significant activity in January; the change allowed management to more effectively monitor operations and better match revenues and expenses, according to the report).
Projections for fiscal 2014 in the report show the largest area of expenses to be marketing and promotions at $2.9 million, followed by the NTRA's group purchasing program Advantage at $1.96 million. The NTRA says general and administrative expenses for 2014 will total $1.37 million, followed by legislative initiatives at $703,729. The NTRA shows 2014 expenses of $594,289 related to communications and $329,858 for the Safety and Integrity Alliance.
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