CFL Edmonton Elks

Small Operating Loss for Eskimos

Published on February 25, 2004 under Canadian Football League (CFL)
Edmonton Elks News Release


(Edmonton) - The Edmonton Eskimo Football Club announced an operating loss of $103,000 at its Annual General Meeting today when they released their Financial Statements for the year ending December 31, 2004.

Operating Revenue was $13,038M up nearly $800,000 (6.5%) from 2002. Half of this increase was from gate receipts at Eskimo home games. This increase resulted from attendance averaging over 40,000 per game for the first time since 1983. The other revenue increase is from Game Day, also a result of increased attendance and from an accounting change.

Operating Expenses grew by $1.080M (8.9%). Two components make up the majority of the increase. Post-season expenses increased by $224,000 due to the additional costs associated with playing in and winning the Grey Cup and additional air charter costs for the Trappers. Players and Coaches increased $302,000 (8%). $125,000 of this increase was due to a reclassification of all Coaches contracts and benefits being recorded in this account. Player related costs increased $175,000 (4.6%). All other operating expenses increased approximately 5% over last year. Approximately $300,000 of the expense increase was due to an accounting change of recording actual expense, rather than "net"

The year-end operating income resulted in a positive income for the Eskimos of $180,000 and a loss for the Trappers of $283,000 for a consolidated Operating Loss of $103,000.

Non-Operating Revenue of $233,000 was primarily a result of fundraising activities and interest income. Non-Operating Expenses comprising of depreciation and amortization were $617,000.

The Stabilization Fund, created last year, had income of $80,164 resulting in the Fund balance of $3,580,164 on December 31, 2003.

For the year ending December 31, 2003 the Net Loss was $487,649 resulting in Net Assets of $5,822,148.

At the meeting, Shareholders re-elected Greg Gardner and Jeff Polovik to the Board of Directors for another three-year term. The Board of Directors reappointed John Butler as Chairman, Jeff Polovik as Secretary and Bob MacLean as Treasurer for another year.

Check out the Edmonton Elks Statistics

Share: Facebook | Twitter/X | LinkedIn | Reddit | Email



Canadian Football League Stories from February 25, 2004


The opinions expressed in this release are those of the organization issuing it, and do not necessarily reflect the thoughts or opinions of OurSports Central or its staff.

OurSports Central