The Bradley Center reported today that is total operating revenues for fiscal 2007 were $12.3 million, down from $12.7 million in fiscal 2006.

The facility's net loss for fiscal 2007 was $3.6 million, which included an annual depreciation expense of $2.7 million. The Bradley Center's net loss in 2007 was $1 million more than its 2006 net loss, largely because the facility hosted the NCAA Frozen Four in 2006, had record concert attendance that year and saw reduced attendance for team events in 2007.

The Bradley Center also had a $1.4 million net decrease in cash flow during fiscal 2007.

The facility's plant fund, for future property and equipment replacements, was $3.6 million on June 30, down from $4.8 million a year before.

At the end of the fiscal year, the Bradley Center had $8.4 million of bank debt with M&I Bank, compared with $5.1 million the year before, and owed the Bucks $5.4 million.

Despite the downward financial trends, Bradley Center chairman Ulice Payne Jr. said, "The financial report confirms that the Bradley Center is maintaining a stable financial position."

The Bradley Center, which will celebrate its 20th anniversary in 2008, attracted 1.5 million people to 155 events during fiscal 2007.

The Bradley Center has made several enhancements in recent years to increase its revenues, adding Club Cambria, premium seating, valet parking and updating lounge and concession areas throughout the building. However, Payne said more improvements are needed to keep the Bradley Center viable.

"We re-state our long-held view that much more must be done to ensure the Bradley Center continues to be an important part of metro Milwaukee's future," Payne said. "Our new relationship with (Indianapolis-based Lauth Property Group, which plans to develop the vacant land around the Bradley Center that is owned by the facility), a premier real estate development company, will allow us to pursue exciting new redevelopment opportunities that will enhance the Bradley Center as a top destination and major downtown economic driver."

The Milwaukee Bucks, the Bradley Center's primary tenant, received shared revenues from the Bradley Center of $4.9 million in fiscal 2007. The Bucks also received free use of the Bradley Center and all signage and sponsorship income. Operational support is provided to the Bucks at no charge. Also, for fiscal 2007, the Bradley Center purchased suite tickets from the Bucks for $2.4 million.