2011 Annual Membership Meeting

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1

2 2011 Annual Membership Meeting

3 THE TROPIC CINEMA South Florida s only nonprofit, independent multiplex cinema. Named Best Florida Cinema by Florida Monthly magazine.

4 Our People

5 THE TROPIC BOARD OF DIRECTORS Kirksten C. Irick, Chairman George Cooper, Treasurer Runi Goyal, Secretary Wayne Kruer, Counsel Jon Allen Ross Claiborne Judith Daykin Kenneth Domanski Holly Merrill Susan Mesker Linda Mewshaw

6 The Tropic Staff Matthew Helmerich, Executive Director Lori Reid, Theater Manager Scot Hoard, Programming Director and Webmaster Dan Schwab, Chief Projectionist Pony Charvet, Floor Manager and Volunteer Coordinator Susan Lozada, Floor Manager Ozlem Berg, Projectionist Steve Raynn, Projectionist David Norwood, Staff Accountant Nancy Jordan, Membership Coordinator Patricia Bollinger, Executive Coordinator

7 The Tropic Volunteers John Abramson Matthew Alameda Julia Back Judy Baldwin MaryJo Banks Ian Brockway Harry Barnett Chris Belland Keith M. Bennett Sara Benson Peggy Blevins John Bollinger Steve Bornstein Sharon Brophy Ray Campbell Chris Castellanos Steve Chandler Marshall Cochrane Kevin Collins J. David Cooper Sandi Cornell Ann-Marie Coyne

8 Tropic Volunteers John Danley Patrick DeKeyrel Teresa DeKeyrel Robert Dodd Irene Driss Brooke Dunlap Cornelia Eckert Jerry Ehlen Rachael Fairbrother Emma Fehlig Lilli Ferguson The Foster Family Jade Fraga Glenn Frederick Wendi Gabriel Tracy Gant Daniel Garcia Brad Garrison Aimee Gayaut Andrea Gibson Chuck Gilmore Norma Gilmore

9 Tropic Volunteers Eddie Goldstein Christine Gorham Runi Goyal Eva Grow Ed Guillory Judy Hadley Larry Harcar Dottie Harden Paige Harden Jeffrey Harwell John Hoeft Sue Huffaker JB Hunt Michael Jensen Elizabeth Kerns Peggy Klekner Andrea Kopelman Wayne Kruer Nijole Ladd Adam Lepine Mike Lepine Jo Lockard

10 Tropic Volunteers Jennifer Lopes Maria Lybrand David Lybrand Jessica Mack Ray Madeo Eslin Maldonado Jo Marcus Lori Marshall Al Martorelli Phyllis May Athena McAlarney Jerry McElroy Abalyn McMullen Don Mellen Peggy Mellen Erin Mayer Nicole Miklos J. J. Mulligan Brian O Hearn Donna O'Hearn Jean-Marc Pancol Chelsea Pande

11 Tropic Volunteers John Parce Ron Pawlek Travis Preziosi Sara Preziosi Walter Price Susan Prince Barbara Pullem David Quick Sandra Quick Josh Redmond Richard Reynolds Jonas Reynosa Shirrel Rhoades Antony Rivera David Rooney Lisa Rowe Cindy Roy Audrey Samms Nyiome Samson Diane Savicky

12 Tropic Volunteers Karen Schievelbein Steve Schievelbein Marianne Schippereit Jay Scott Gideon Seaman Rawi Shediac Jim Simmen Cliff Simmen Wanda Simmen Piper Smith Alex Symington Cork Tarplee Steve Teachout Teshia Theriault Ben Thiesen Autumn Thompson Ben Tigue Trisha Tischmayer Gina Valest Richard Vincent Sid Waldman Lynn Wanous

13 132 Strong! Craig Wanous Marilyn Weber Britannie Wesley Mary Ann Westerlund Roger Westerlund Brent White Ronnie Whitehorn Andy Williams Steph Wisheart Fritz Zivic Dianne Zolotow

14 WE THANK EACH AND EVERY ONE OF YOU!

15 Financial Report

16 Tropic Annual Revenue Report November 1, October 31, 2010 Gross Ticket sales $512,812 Concessions $262,823 Membership $161,245 Interest $131 REVENUE GRAND TOTAL $937,011

17 Tropic Annual Expense Report November 1, October 31, 2010 Film Rental Fees $245,724 Concessions $102,616 Facilities $215,919 Personnel $329,822 Office Administration $61,983 Advertising $21,525 EXPENSE GRAND TOTAL $977,589

18 Tropic Annual Expense Report November 1, October 31, 2010 Total Revenue $937,011 Total Expense $977,589 Operating Loss ($40,578) The Tropic was able to offset this operating loss through generous unrestricted donations

19 Tropic Balance Sheet As of October 31, 2010 ASSETS Cash in Bank 17, Accounts Receivable TDC 42, Other 1, Total Accounts Receivable 43, Other Current Assets 1, Total Current Assets 62, Fixed Assets Equipment / Furniture / Fixtures 420, Leasehold Improvements 1,754, Total Fixed Assets 2,174, Other Assets Deposits on Lease 2, Prepaid Insurance 9, Loans 1, Total Other Assets 12, TOTAL ASSETS $2,

20 Tropic Balance Sheet As of October 31, 2010 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable 10, Credit Cards Payable 16, Other Current Payables 6, Total Current Liabilities 33, Long Term Liabilities Kids Fund Loan 100, TIB Bank Line of Credit 99, Note Payable-FBS Secured Note 100, Total Long Term Liabilities 299, Total Liabilities 333, Equity 1,916, TOTAL LIABILITIES AND EQUITY $2,

21 The Films We Watched

22 Tropic Film Facts November 1, October 31, Films Screened 75,828 tickets sold 5,559 separate screenings Open 364 days a year (closed Fantasy Fest Parade Day),10 hours a day or 3,640 hours a year.

23 Tropic Top Ten Grossing Films November 1, October 31, 2010 Up in the Air $42,268 Crazy Heart $35,734 Invictus $21,834 Dinner For Schmucks $17,688 Pirate Radio $11,378 Precious $10,479 The Young Victoria $10,425 Kids Are All Right $10,156 The Blind Side $ 8,893 The Last Station $ 8,815

24 Tropic Top 20 Grossing Films November 1, October 31, 2010 Up in the Air $42,268 Crazy Heart $35,734 Invictus $21,834 Dinner For Smucks $17,688 Pirate Radio $11,378 Precious $10,479 The Young Victoria $10,425 Kids Are All Right $10,156 The Blind Side $ 8,893 The Last Station $ 8,815 The Ghost Writer $ 8,520 Killers $ 8,439 Oceans $ 8,241 Girl / Dragon Tattoo $ 8,203 Nine $ 8,074 Hurt Locker $ 8,002 An Education $ 8,000 Imaginarium of Doctor Parnassus $ 7,761 A Single Man $ 6,986 City Island $ 6,665 GRAND TOTAL $256,561 SEATS SOLD 36,258

25 Financial Impact of the Top Tropic Grossing Films The Top Five Films account for 25% of all ticket sales or $128,902 The Top Ten Films account for 36% of all ticket sales or $177,671 The Top Twenty Films account for 50% of all ticket sales or $256,562

26 Financial Impact of the Top Tropic Grossing Films The Top Twenty Films, 10.5% of the 195 films screened - six were major studio blockbuster releases and 14 were independent art films. Their box office success aided the Tropic in fulfilling its mission to celebrate modern film arts through variety of programming including foreign language films, operas, classic films, live shows and providing space for cultural events.

27 Tropic Film Facts 2010 Oscar Winners Screened Hurt Locker (Six awards, including Best Picture) Crazy Heart (Two awards, including Best Actor) Precious (Two awards, including Best Supporting Actress) Inglorius Basterds (Best Supporting Actor) The Cove (Best Documentary) The Secret in Their Eyes (Best Foreign) The Young Victoria (Costume Design) The Blind Side (Best Actress) Avatar (Three awards, including Best Visual Effects)

28 Tropic Film Facts 2010 Oscar Nominated Films Screened The Last Station An Education Nine Imaginarium of Doctor Parnassus A Single Man The Lovely Bones A Serious Man The Messenger The White Ribbon Ajami Up in the Air District 9, Invictus Julie & Julia In the Loop Bright Star Coco Before Chanel, Fantastic Mr. Fox, Food, Inc. A Prophett The Secret of Kells.

29 Tropic Film Facts Screened the Major Winners of the Film Independent Spirit Awards Precious Crazy Heart An Education A Serious Man The Messenger (500) Days of Summer Anvil! The Story of Anvil

30 Tropic Film Facts Top Critically Acclaimed Films Screened Invictus Precious Kids Are All right Girl With the Dragon Tattoo Winter s Bone A Serious Man The Messenger I Am Love The White Ribbon

31 Tropic Film Facts Top Critically Acclaimed Films Screened Exit Through the Gift Shop MicMacs Get Low Nine Fish Tank Never Let Me Go An Education A Single Man Joan Rivers: A Piece of Work The Ghost Writer

32 Tropic Film Facts Top Grossing Films by Fiscal Year Year Movie Amount Tix Sold Fahrenheit 9/11 $51,488 6, March of the Penguins $20,295 2, Sideways $24,627 3, Syriana $19,114 2, Juno $45,638 5, Slumdog Millionaire $51,902 6, Up in the Air $42,268 5,698 Six of the top seven are Independent Films

33 Tropic Film Facts And the Momentum continues in 2011 The King s Speech An Independent Film and 2011 Oscar Winner of Best Picture, Best Direction, Best Actor and Best Screenplay Recently became the Tropic s ALL TIME GROSSING FILM Grossing $72,851 and selling 8,657 tickets!

34 Building Community

35 Tropic Live Shows December, 2009 Wake Up Laughing, Swami Beyondananda Jazz Piano Duo March, 2010 Keys Community School Music Recital April, 2010 Songwriters Festival

36 Tropic Community Outreach Organizations Holding Meeting or Events at the Tropic AIDS Help, Inc. American Red Cross Florida Keys Community College (film classes all year) Florida Keys Council of the Arts Hometown! PAC Visiting Nurse Association & Hospice of the Florida Keys Key West Inn Keepers Association Key West Contemporary Dance Key West Modern Dance Leadership Monroe County Monroe County Public Schools Positive Step of Monroe County PrideFest The Studios of Key West WomenFest WLRN Public Television

37 How does the Tropic Cinema Compare to other Arthouse Cinemas?

38 How does the Tropic Cinema Compare to other Arthouse Cinemas? The Tropic Cinema participated in the Arthouse Convergence 2011 A National Survey Conducted by the BRYN MAWR FILM INSTITUTE

39 About the BRYN MAWR Survey Online survey conducted December 2010 to January respondents began the survey, and 71 theaters completed it (58%) Not all respondents answered all questions 32 respondents (26%) also participated in the last survey (2009) Respondents theaters are in 28 different states, plus Canada

40 How the Tropic Compares The Survey Results The Tropic 93% are independent - (not part of a chain) 84% are nonprofit On average, a 15-year history of operations Independent Nonprofit A 12 year history of operations

41 How the Tropic Compares About half (49%) of respondents organizations own their theater buildings The Tropic has a lease for the building space through 2037 (26 years) and owns all improvements Theaters are located mainly in urban, relatively affluent areas with educated populations The Tropic is in Key West, a small island community in a rural county with population 24,640-55% of which have a college or higher degree - the Tropic audience consists of a combination of full and part time residents 66% and tourists 34% (approximate percentages)

42 Survey Results:Location of respondents theaters Rural 5% Large city 19% College town 11% Small town 19% Medium city 26% Suburb 8% Small city 12% Percent of theaters Q28: Which of the following BEST describes the area where your theater is located? n=74

43 How the Tropic Compares The Survey Average 503 Seats per theater 2 Screens 340 Seats per screen 56,000 in total attendance (2009) The Tropic 300 Seats 4 Screens 75 Seats per screen 75,828 in total attendance (Nov.1, Oct. 31, 2010)

44 Percent of theaters 60% Survey Results: Number of Screens 57% Mean number of screens = 2 40% 20% 18% 14% 11% 0% 1 screen 2 screens 3 screens 4 or more screens Q1: How many screens does your theater have? n=118

45 Survey Results: Total number of seats Percent of theaters 60% Mean seats per screen = 340 (median 225) Mean TOTAL number of seats per theater = 503 (median 391) 40% 28% 32% 28% 20% 12% 0% Fewer than or more Q2: How many seats for each screen? (TOTAL for all screens) n=117

46 Survey Results: Total attendance for all screenings Percent of theaters 60% and other programs Mean attendance in 2009 = 56,416 Median = 34,000 40% 25% 27% 20% 11% 18% 19% 0% Under 10,000 10,000 to 24,999 25,000 to 49,999 50,000 to 99, ,000 or more Q3: Please estimate your total attendance in n=88

47 How the Tropic Compares With 4 screens and 203 fewer seats, the Tropic generated 35% more attendance than the average theater with 2 screens and 503 seats The Tropic s design of an average of 75 seats per screen (including handicap access) versus the survey average of 340 per screen: Allows for more programming options Is right-sized per screen to allow for both first run blockbuster movies as well limited-release, specialty independent films. Is right-sized for the size of our community Carper Theater 150 seats Peggy Dow Theater 50 seats Taylor Cinematheque 50 seats The George 50 seats

48 Comparing Revenue Sources Survey Results Box Office 51% $442,270. Concessions 16% $137,138. Memberships 11% $ 94,282. The Tropic Box Office 50% $512,812. Concessions 26% $262,823. Memberships 16% $161,245. Interest $ 131. Total Revenue $673,690. Total Revenue $937,011. The Tropic generated 39% more total revenue than the average theater, from the key income sources of box office, concessions and memberships

49 Comparing Box Office Revenue and Number of Screens The Survey Results Box Office 51% of total revenue $442,270 Number of screens 2 Revenue per screen $221,000. The Tropic Box Office 50.2% of total revenue $512,812 Number of screens 4 Revenue per screen $128,203. The Tropic generated 16% more box office revenue than the average theater with 2 screens

50 How does productivity (attendance and income) vary by the number of theater screens? Not surprisingly, theaters with three or more screens report higher attendance and gross income for 2009 than those with two screens. In other words, having more screens has a greater impact on attendance and income than simply having more seats does But the proportional incremental difference (i.e., percentage difference) is less dramatic between one and two screens. However, the actual incremental difference is greatest between three screens and four or more (up to as many as eight), as far as attendance and income are concerned. The Tropic Cinema by adding its fourth screen in 2009, The Peggy Dow, is a clear example of the value of additional screens that result in providing for more varied programming, more show times and more incremental revenue

51 Comparing Revenue Sources Survey Results Average Number of Screens 2 Average Number of Seats 503 Average Number of Tickets Sold 56,416 Box Office Revenue $442,270 Box Office Revenue per Seat $879 Average Tickets Sold per Screen 8,208 Average Ticket Price $7.84 Average Concession Sales Per Ticket $2.43 Memberships (57 Theaters offer them)1906 The Tropic Number of Screens 4 Number of Seats (actual count) 300 Number of Tickets Sold 75,828 Box Office Revenue $512,812 Box Office Revenue per Seat $1,756 Tickets Sold per Screen 18,957 Average Ticket Price $6.76 Concession Sales per Ticket $3.47 Memberships * 2651 * As of 10/31/ memberships 2651 members

52 Comparing Revenue Sources Concession Sales The Tropic concession sales per ticket is 43% higher than the average surveyed theater ($3.47 versus $2.43) In true Key West fashion, wine and beer accounted for the greatest percentage of the Tropic s concession sales at 31% or $82,693. Followed closely by popcorn at 27% or $69,875.

53 Survey Results: Concessions items sold Percent of theaters 97% 100% 80% 92% 92% Others mentioned: Ice cream Chips and dips Dried fruit and nuts Salads and sandwiches 64% 60% 48% 40% 20% 20% 7% 0% Nonalcoholic beverages Candy Popcorn Baked goods Alcoholic beverages Hot snacks Full meals Q11: Which of the following does your theater sell? n=73

54 Comparing Revenue Sources Membership Memberships are vital to the success of the Tropic. Not only do they provide a steady source of income for the Tropic, they demonstrate significant community support which is important when applying for grants. Memberships provide members with great benefits including discounted tickets, free tickets and wide range of other benefits based on membership level. Memberships accounted for16% of the Tropic s revenue or $161,245 as compared to the survey average of 11% or $94,285. The Tropic has 2,651 members versus the survey average of 1,906 or 39% more members.

55 Comparing Revenue Sources Volunteers Though you don t see it as a revenue line, the value contributed by volunteers is incalculable. Compared to the survey average, the Tropic has a team of 132 volunteers, 51% more than survey average of 89 31% of the theaters surveyed had a volunteer team of 100 or more.

56 Survey results: Number of active volunteers Percent of theaters 60% Mean number of volunteers = 89 Median = 35 40% 30% 31% 20% 14% 10% 15% 0% None 1 to 9 10 to to or more Q37: About how many active volunteers do you have? n=71

57 Marketing the Tropic Cinema

58 Marketing the Tropic The Tropic uses publicity and public relation strategies involving a website, social media (Facebook and Twitter) newsletters, local daily newspaper ads, regional print ads, posters, radio commercials and assorted brochures. The Tropic s website features movie trailers and movie review interactive blogs by Phil Mann, Ian Brockway and Shirrel Rhoades Movie reviews appear in local newspapers including the Citizen s Sunday Solares Hills featuring Front Row At The Movies by Shirrel Rhoades, "Movies in Paradise" in the Citizen s Paradise, and Phil Mann's review in Key West, The Newspaper The Tropic website also offers convenient online movie schedules, ticket purchasing and membership enrollment The Tropic film schedule also appears online at numerous cinema listing sites such as 777Film.com and Fandango.com

59 Marketing the Tropic The Tropic s highly visible, Art Deco inspired neon marquee not only beckons folks to the Tropic, it has become a bona fide Key West icon and one of the island s most photographed landmarks. The installation of Forever Marilyn Monroe a 6-foot tall cast bronze sculpture future identifies the Tropic s location. The sculpture by world-renowned sculptor, J. Seward Johnson, Jr. depicts the iconic film moment in The Seven Year Itch (1954) directed by legendary director Billy Wilder. Marilyn is on loan from J. Seward Johnson, Jr. and The Sculpture Foundation. The the addition of the Peggy Dow theater doubled our Eaton Street facade -- adding four poster cases and a colorful sidewalk presence.

60 IMPROVING THE TOPIC EXPERIENCE

61 The Tropic Experience The Tropic continues to improve the audience experience In addition to the million dollar plus operating budget the Tropic also raises funds for capital improvement projects. During the Tropic raised over $625,000 for following capital projects:

62 The Tropic Experience The newly redesigned Zabar Café and Sussman Lounge opened last fall, including new concessions area, a second cash register, self-service retail space and lobby seating. Additional improvements included a new projection system for the George Theatre, sidewalk design and staff office space. These improvements were made possible by a $75,000 TDC grant and generous matching grants of $35,000 each from the Dogwood Foundation and Stanley & Judith Zabar.

63 The Tropic Experience The Peggy Dow Theater opened in November, The theater is named for former Hollywood actress Peggy Dow, co-star with Jimmy Stewart in the classic film Harvey (1950). Peggy Dow, who attended the theater's Grand Opening Gala in January 2010, also happens to be the mother of our Executive Director, Matthew Helmerich. The Theater is state of the art with a steel and concrete second-floor projection booth with 35mm and digital capabilities, raised theater seating and comprehensive sound insulation and high-capacity air conditioning. The Peggy Dow Theater was made possible by a $211,000 TDC grant and a generous grant of $200,000 from the Helmerich Foundation and nearly $100,000 from other donor sources including the opening gala.

64 The Tropic Experience The Tropic will be soon be installing $65,000 of new improvements such as a sound system and sound insulation in the Taylor Cinematheque, an additional ticket kiosk and new carpet for the lobby. The TDC recently awarded the Tropic a $37,500 grant toward this effort. In order to fulfill the TDC requirement of matching amount, the Tropic will be conducting a capital fund raising campaign for the balance of $37,500.

65 In Summary As the survey comparison demonstrates, and we think you ll agree, that Tropic is vibrant and financially stable cinema armed with an effective business plan to deliver on its mission to provide first class film arts entertainment and to play an integral role in the cultural scene of Key West.

66 In Summary This success is due to membership loyalty and volunteer, staff and board dedication. We thank you for being members, we encourage your continued support -- hopefully you ll: Renew or consider an upgrade to your membership Make donation to our capital fund Become a volunteer And most importantly we would love hear you say five magic words to all your friends:

67 SEE YOU AT THE TROPIC!