Inside This ArticleTheatres contributed over $1.8 billion to the economy in the form of salaries, benefits and payments for goods and services (p. 2).♦ More than half of the theatres ended 2008 in the red, which was the only year in the last five where CUNA (the change in unrestricted net assets) was negative— due, in part, to a shift from capital gains in 2004-2007 to capital losses in 2008 and a 19% growth in total expenses (pp.3-4, Figures 2 & 3).♦ Average single ticket income was higher in 2008 than in 2004 after adjusting for inflation, although it supported less of the average theatre’s total expenses over time (pp. 4-6, Tables 2 & 3).♦ Average subscription income rose 2.6% over the five-year span, however, 8% fewer subscription tickets were purchased and the number of subscribers fell by 10%. (p. 5 and p. 16, Tables 2 & 13).♦ In 2008, overall attendance at resident productions was 1.9% higher than it was 5 years ago and the number of performances offered rose 5.2% over time (pp. 14-15, Tables 11 & 12).♦ On average, theatres experienced capital losses rather than capital gains in 2008; over time, however, capital campaigns left theatres with substantial growth in both fixed assets and investments, and the investment ratio has improved (p. 5 and pp. 12-14, Tables 2 & 9).♦ Cash reserves were lower in 2008 than in 2004 after adjusting for inflation. Ten fewer theatres reported a cash reserve in 2008 than in 2004, but the average for those reporting increased annually from 2004 to 2007 then declined slightly in 2008 (p. 13).♦ Working capital was negative in each of the 5 years but improved over time, as did the investment ratio (pp. 12-14, Tables 9 & 10).