$3.4-million deficit for Stratford Festival

In this publicity image released by Stratford Shakespeare Festival, cast, from left, Sara Topham as Gwendolen Fairfax, Ben Carlson as John Worthing, Brian Bedford as Lady Bracknell and Sarah Dodd as Miss Prism are shown in a scene from the Stratford Shakespeare Festival production of, 'The Importance of Being Earnest.'

The Stratford Festival will kick off its 61st season in a little over a month but this year it will be clawing its way back from financial set back.

The company announced it suffered a $3.4-million deficit in its 2012 season.

“We had a situation where people were not coming out or seeing as many things, our audience held they just weren’t' quite doing as much as they had before,” says Antonio Cimolino, the festival's new general director.

In spite of the hefty deficit, the theatre says it isn't worried about its long term future. This is only the second time in the last 20 years that the Stratford festival has experienced a deficit, so the company says it's confident it will regain its ground and retain audiences.

Aside from its million-dollar losses, the company saw attendance rates drop to their lowest levels in nearly three decades.

“The festival does 12 to 14 different productions, so when people decide to see a little bit less it has an impact," says Cimolino.

Not only were ticket sales down, but they were also selling cheaper than in previous years at about $5 less per seat.

Despite the fledgling numbers, people in the community say they're confident the theatre can stage a comeback.

"I think it will pass. I think it will prop up," says Sharon Vollett, who has lived in Stratford for over 60 years.

Lisa Dentcouturier, whose son performs in one of the plays, says she thinks it's reflective of the current economic climate, but "I don't think it's something that's going to continue.”

Cimolino agrees, saying taking over during a deficit is challenging but also means opportunities to try something new.

“It really spurs creativity; it asks you to decide what is essential so I'm gonna really focus on these great artists and plays that people love," he says

The theatre is now in full rehearsal mode getting set for the start of its new season, which will begin April 23 with a production of Fiddler on the Roof.