Trustees adopt record budget, approve fast-track business plan for centers

RIDGECREST, N.C. (BP) - LifeWay trustees on Sept. 14 adopted a record 2005 operating budget of $446 million and approved a significant investment in the company's conference centers to fast-track their revitalization efforts.

LifeWay expects record revenues this year of $427.5 million, $13.2 million more than last year but $21 million short of budget, Chief Operating Officer Ted Warren told trustees during their semiannual meeting at LifeWay Ridgecrest Conference Center near Asheville, N.C. The fiscal year ended Sept. 30.

For the coming fiscal year, Warren said all LifeWay divisions have plans for revenue growth. But along with that are increased expenses as the LifeWay Christian Stores division plans to add new stores, and the church resources and Broadman & Holman divisions will add staff.

In a significant move to hasten revitalization efforts at LifeWay's conference centers, the trustees approved a business plan that includes an investment of $27 million over the next four years.

At Ridgecrest, the business plan calls for the construction of a new 120-room hotel, new convention and indoor recreation centers, the renovation of Pritchell Hall and the demolition of seven aging and expensive-to-maintain buildings.

In addition, LifeWay is studying the merit of pre-selling and building 100 condominiums at Ridgecrest and 120 condos at Glorieta to make the most of undeveloped property and to increase revenues. If feasible, the plan will be presented to the trustees in February.