Ice storm precipitates small revenue loss at Patriots Point

By Ashley Barker
abarker@scbiznews.com
Published Feb. 24, 2014

Revenue at Patriots Point totaled more than $530,000 during the month of January, according to a financial report released during the organization’s development authority meeting on Friday.

The Mount Pleasant naval and maritime museum added $132,900 to its capital reserve account, which totaled $5.03 million as of Jan. 31.

Lin Bennett, of the authority’s finance and personnel committee, said the budget for fiscal 2014, which started in July, is looking good.

“We’re spending less than we projected, and we’re bringing in more than we projected,” Bennett said.

Since July, Patriots Point’s admission revenue totaled $2.14 million, which is nearly $200,000 more than the same time frame in fiscal 2013. Gift shop revenue and parking payments were each up about $27,000 from the previous year. Attendance was also up from 121,388 in fiscal 2013 to 135,575 so far in fiscal 2014.

The authority’s revenue from its camping program was down nearly $89,000 since July when compared with the same time in the previous fiscal year.

“In the first six months of the year, we will usually collect about 46% of our revenue,” executive director Mac Burdette said. “The slow part of the season is now behind us. We certainly believe those numbers will only rise over the next six months.”

He said there was a small loss in revenue during the recent ice storm because the attraction was shut down for two days.

“The good news about ice storms is they only happen in the slow part of the season,” Burdette said.

The authority’s cash and cash equivalents totaled $5.57 million as of Jan. 31.

Reach Ashley Barker at 843-849-3144 or @AshleyNBarker.

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