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2011 Annual
Membership Meeting
South Florida’s only nonprofit, independent multiplex cinema.
Named ‘Best Florida Cinema’
by Florida Monthly magazine.
THE TROPIC CINEMA
Our People
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
THE TROPIC BOARD OF DIRECTORS
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
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
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
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
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
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
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
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
WE THANK
EACH AND EVERY ONE OF YOU!
Financial Report
Tropic Annual Revenue ReportNovember 1, 2009 - October 31, 2010
Gross Ticket sales $512,812
Concessions $262,823
Membership $161,245
Interest $131
REVENUE GRAND TOTAL $937,011
Tropic Annual Expense ReportNovember 1, 2009 - 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
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
Tropic Annual Expense ReportNovember 1, 2009 - October 31, 2010
Tropic Balance SheetAs of October 31, 2010
ASSETS
Cash in Bank 17,714.14
Accounts Receivable
TDC 42,459.39
Other 1,260.75
Total Accounts Receivable 43,720.14
Other Current Assets 1,432.44
Total Current Assets 62,866.72
Fixed Assets
Equipment / Furniture / Fixtures 420,263.37
Leasehold Improvements 1,754,235.83
Total Fixed Assets 2,174,499.20
Other Assets
Deposits on Lease 2,225.21
Prepaid Insurance 9,316.17
Loans 1,154.00
Total Other Assets 12,695.38
TOTAL ASSETS $2,250.061.30
Tropic Balance SheetAs of October 31, 2010
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts Payable 10,411.51
Credit Cards Payable 16,563.68
Other Current Payables 6,817.79
Total Current Liabilities 33,792.98
Long Term Liabilities
Kids Fund Loan 100,000.00
TIB Bank Line of Credit 99,800.00
Note Payable-FBS Secured Note 100,000.00
Total Long Term Liabilities 299,800.00
Total Liabilities 333,592.98
Equity 1,916,468.32
TOTAL LIABILITIES AND EQUITY $2,250.061.30
The Films We Watched
Tropic Film FactsNovember 1, 2009 - October 31, 2010
195 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.
Tropic Top Ten Grossing FilmsNovember 1, 2009 - 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
Tropic Top 20 Grossing FilmsNovember 1, 2009 - 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
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
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.
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)
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.
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
Tropic Film Facts
Top Critically Acclaimed Films Screened
InvictusPrecious
Kids Are All rightGirl With the Dragon Tattoo
Winter’s BoneA Serious ManThe Messenger
I Am Love The White Ribbon
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
Top Grossing Films by Fiscal Year
Year Movie Amount Tix Sold
2003-2004 Fahrenheit 9/11 $51,488 6,051
2004-2005 March of the Penguins $20,295 2,700
2005-2006 Sideways $24,627 3,500
2006-2007 Syriana $19,114 2,750
2007-2008 Juno $45,638 5,802
2008-2009 Slumdog Millionaire $51,902 6,688
2009-2010 Up in the Air $42,268 5,698
Six of the top seven are Independent Films
Tropic Film Facts
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!
Building Community
Tropic Live Shows 2009 - 2010
December, 2009
Wake Up Laughing, Swami Beyondananda
March, 2010
Jazz Piano Duo
Keys Community School Music Recital
April, 2010
Songwriters Festival
Tropic Community OutreachOrganizations 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
How does the
Tropic Cinema
Compare to other Arthouse Cinemas?
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
About the BRYN MAWR Survey
Online survey conducted December 2010 to January 2011
123 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
How the Tropic Compares
The Survey Results
93% are independent -(not part of a chain)
84% are nonprofit
On average, a 15-year history of operations
The Tropic
Independent
Nonprofit
A 12 year history of operations
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)
Large city
19%
Small city
12%
Suburb
8%
Small town
19%
College town
11%
Rural
5%
Medium city
26%
Survey Results:Location of
respondents’ theaters
Q28: Which of the following BEST describes the area where your
theater is located?
n=74
Percent of theaters
How the Tropic Compares
The Survey Average503 Seats per theater
2 Screens
340 Seats per screen
56,000 in total attendance
(2009)
The Tropic300 Seats
4 Screens
75 Seats per screen
75,828 in total attendance
(Nov.1, 2009 - Oct. 31, 2010)
Survey Results:
Number of Screens
Q1: How many screens does your theater have?
n=118
57%
18%
14%11%
0%
20%
40%
60%
1 screen 2 screens 3 screens 4 or more
screens
Percent of theaters
Mean number of screens = 2
Survey Results:
Total number of seats
Q2: How many seats for each screen? (TOTAL for all screens)
n=117
28%
32%
28%
12%
0%
20%
40%
60%
Fewer than 250 250-499 500-999 1000 or more
Percent of theatersMean seats per screen = 340
(median 225)
Mean TOTAL number of seats per
theater = 503 (median 391)
Survey Results: Total
attendance for all screenings
and other programs
Q3: Please estimate your total attendance in 2009.
n=88
11%
25%27%
18% 19%
0%
20%
40%
60%
Under 10,000 10,000 to
24,999
25,000 to
49,999
50,000 to
99,999
100,000 or
more
Percent of theaters
Mean attendance in 2009 = 56,416
Median = 34,000
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
Comparing Revenue Sources
Survey Results
Box Office 51% $442,270.
Concessions 16% $137,138.
Memberships 11% $ 94,282.
Total Revenue $673,690.
The Tropic
Box Office 50% $512,812.
Concessions 26% $262,823.
Memberships 16% $161,245.
Interest $ 131.
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
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
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
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 10/31/2010 1594 memberships 2651 members
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.
Survey Results:
Concessions items sold
Q11: Which of the following does your theater sell?
n=73
97%92% 92%
64%
48%
20%
7%
0%
20%
40%
60%
80%
100%
Nonalcoholic
beverages
Candy Popcorn Baked goods Alcoholic
beverages
Hot snacks Full meals
Percent of theatersOthers mentioned:
Ice cream
Chips and dips
Dried fruit and nuts
Salads and sandwiches
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.
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.
Survey results:
Number of active volunteers
Q37: About how many active volunteers do you have?
n=71
14%
10%
30%
15%
31%
0%
20%
40%
60%
None 1 to 9 10 to 49 50 to 99 100 or more
Percent of theaters
Mean number of volunteers = 89
Median = 35
Marketing the
Tropic Cinema
•The Tropic uses publicity and public relation strategies involving a website, social media (Facebook and Twitter) email 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
Marketing the Tropic
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.
IMPROVING THE
TOPIC EXPERIENCE
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 2009 - 2010 the Tropic raised over $625,000 for
following capital projects:
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.
The Tropic Experience
The Peggy Dow Theater opened in November, 2009. 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.
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.
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.
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:
SEE YOU
AT THE
TROPIC!
