March
25th
QUARTERLY REPORT: Tickets sales, merchandising boost revenue
FROM VANOC:
The Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) today released its report for the second quarter of the fiscal year, which includes a management discussion and analysis, and interim financial statements for the period ending January 31, 2009. VANOC’s quarterly report is available at www.vancouver2010.com.
"As we expected, we’re in a positive cash position this quarter because of revenues arising from the International Olympic Committee (IOC), sponsors and ticket sales. Licensing and merchandising revenue doubled this quarter and over $94 million worth of tickets were sold," said John McLaughlin, VANOC’s chief financial officer. "However, these remain challenging economic times reinforcing our need to be financially prudent."