SAN JOSE, Calif., Sept. 9, 2011 (GLOBE NEWSWIRE) -- Team San Jose, the Convention Center and Cultural Facilities manager as well as the San Jose Convention and Visitors Bureau, announced strong year-end fiscal and performance results as new leadership and a focus on operational excellence led to economic growth despite a challenging national economy.
"Team San Jose's Board of Directors are pleased with the positive change seen over the last eight months," said Chuck Toeniskoetter, Team San Jose's Board of Directors Chairman. "The Team San Jose model is making it easy for our customers and these results demonstrate a strong customer and operational focus and aggressive sales efforts of our team. As we expand and renovate the San Jose Convention Center, we are well positioned and very excited about the future.''
Team San Jose met or exceeded seven of nine performance measures set by the City of San Jose to measure success. Revenue grew 5 percent from the previous fiscal year, and exceeded budget by $4.8 million. Team San Jose helped generate economic activity that exceeded expectations by more than 20 percent, generating $78 million in visitor spending.
Team San Jose's strong operational performance and the increase in hotel room nights bookings for the year, led to significant improvement in the organization's reserve fund. Convention and theater operations ended the fiscal year $3.3 million higher than budgeted, generating a balance of over $9 million to help with future economic uncertainty. Team San Jose's adopted budget anticipated an investment of Transient Occupancy Tax revenue of $5.1million however due to better operating revenue and expense results the actual TOT investment of $1.8 million was used. Hotel room nights topped 200,000 for the fiscal year. Customers were nearly unanimous in their satisfaction with San Jose; customer service rating rose to 98 percent from 95 percent a year ago.
"Team San Jose's award-winning service model was created for customers planning a meeting to save time and money," said Bill Sherry, Team San Jose's CEO. "A customer service rating of 98 percent is almost unheard of in our industry, demonstrating that our service model works and will help us continue to stand apart from competitors. Our positive fiscal performance helps strengthen the overall visitor industry, which drives economic activity and tax revenue to the city to help support vital city services.''
Leadership and governance changes in the past year have resulted in increased transparency, oversight and focus at Team San Jose. The Board of Directors has been restructured to 15 members under the leadership of Chuck Toeniskoetter, who will continue his term as Chairman for Fiscal Year 2011-2012
At the beginning of 2011, Team San Jose named a new CEO in Bill Sherry, who continues to serve as the San Jose's Director of Aviation at Mineta San Jose International Airport and comes to Team San Jose with strong construction project management experience and background in public accounting and public administration.
In 2010, Team San Jose named Dave Costain as Chief Operating Officer. Costain has more than 35 years of hospitality experience working with noted hotel brands such as Hilton and Wyndham. Janette Sutton, who joined Team San Jose in 2010 as Chief Financial Officer, has significantly improved the organization's financial reporting and tracking.
| UNAUDITED Performance Results | |||
| Measures within Team San Jose Control: | |||
| Performance Measure | Goal | Result | Percent to Goal |
| Fiscal Drivers | |||
| Revenue | $13.9 million | $18.7 million | 134% |
| Gross Operating Loss | $5.1 million | $1.8 million | 279.4% |
| Estimated Transient Occupancy Tax Revenue | $10 m | $10.9 m | 109% |
| Return on Investment | $2.21 | $2.59 | 117.2% |
| Economic Drivers | |||
| Economic Impact | $65 million | $78.4 million | 120.5% |
| Attendance | 853,000 | 976,502 | 114.5% |
| Room Nights | 200,000 room nights | 200,139 room nights | 100.1% |
| Customer Service | 95% | 98% | 103.2% |
| Measures where Team San Jose has limited control: | |||
| Performance Measure | Goal | Result | Percent to Goal |
| Theater Performance | Occupied Days: 661 Performance Days: 312 | Occupied Days: 624 Performance Days: 297 | 94.4% 95.2% |
About Team San Jose (TSJ)
Team San Jose, Inc. is an innovative partnership unifying the San Jose Convention and Visitors Bureau, hotels, arts, labor and venues to deliver an exceptional visitor experience and serve as the gateway to San Jose as a destination. Our company manages the San Jose Convention Center and Arts and Entertainment venues including the California Theatre, the Center for the Performing Arts, Montgomery Theater, Parkside Hall, San Jose Civic and South Hall. For more information about San Jose and Team San Jose, please visit www.sanjose.org.
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http://www.cisionwire.com/team-san-jose/r/team-san-jose-ends-fiscal-year-with-positive-results,c9160378
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