TOTAL DEFICITS OF LAST TWO YEARS
$1.7 MILLION LESS THAN PROJECTED

ST. LOUIS, September 22, 2003 – The Saint Louis Symphony Orchestra reported financial results for the year ended August 31, 2003.

Reflecting continuing progress in managing costs, for the second consecutive fiscal year the Symphony reported a smaller deficit than the year before. Operating revenues for fiscal 2003 were $18.9 million, compared with $18.4 million in fiscal 2002. Operating expenses totaled $21.1 million for the most recent year, compared with $23.2 million in fiscal 2002. The operating deficit for fiscal 2003 was $2.2 million, compared with $4.8 million the previous year.

“We have reduced deficits even more than projected in the first two years of our business plan,” said Randy Adams, president and executive director. “While we will continue to reduce annual operating deficits to eventually reach breakeven, we are well ahead of the projections in our business plan. The fiscal 2003 deficit was higher than we had targeted a year ago, due to lower participation in the annual fund than forecast, but after two years of stricter financial planning and controls the annual deficits total $1.7 million less than expected. That is a remarkable accomplishment given the tough economic conditions affecting everyone, particularly performing arts organizations.

“It has been a challenge to maintain annual giving while raising so much for endowment,” Adams added, “and throughout this period we have overcome the economic downturn while many other orchestras and non-profits across the country have not.”

The fiscal 2004 budget projects slightly higher revenues of $19.1 million, with expenses of approximately $21.0 million, Adams added. “For the 2004 budget, we incorporated what we have learned over the last two years and made some adjustments based on the economy’s impact.”

“The progress we have made over the last two years is remarkable,” said Virginia V. Weldon, chairman of the board, “reducing our costs and raising more funds toward the Taylor Family Challenge while continuing to present outstanding performances and participate in local music education and other activities throughout the region. I cannot thank this community enough for its support – and for pulling together with us to assure the future of this great organization for generations to come.”

The Saint Louis Symphony Orchestra has been a source of pride for the St. Louis region since its founding in 1880. The Symphony has earned a reputation as a first-tier orchestra through the generations of excellent performances, through its mastery of a wide-ranging repertoire, and a tradition of partnering with leading musical artists from around the world.

In addition to its regular concert performances at Powell Symphony Hall, the Symphony is an integral part of the St. Louis community with a variety of education and partnership programs. Through its educational concerts at Powell and in classrooms all over the region through the E. Desmond Lee Fine Arts Education Collaborative, the Symphony encourages thousands of children to learn about classical music. Free ensemble and individual performances in parks, churches and other venues throughout the area bring classical music to thousands of people of all ages. In addition, the pioneering IN UNISON® program partners the Symphony with urban African-American churches to further understanding of the connections between gospel, jazz and classical music.

The Saint Louis Symphony Orchestra receives generous operating support from the Regional Arts Commission and the Missouri Arts Council, a state agency.

The Symphony is proud to have preferred relationships with American Airlines, Krispy Kreme, MasterCard International, Steinway & Sons and Thompson Coburn.