In only eight months of operation, Durham's Performing Arts Center has earned more than four times the financial expectations for the first year, according to City officials.

Durham released the draft audited financial statement Thursday morning, claiming the center earned $401,706 for the city.

"That's truly great news for Durham, especially in light of today's economy," said Durham Mayor Bill Bell in a press release. "Our first season has been undeniably successful. The management of DPAC, in addition to operating in a first-rate facility, has found the right combination and diversity of performances that attract people from throughout the region, and the numbers show that."

According to the statement, the center generated a "net income of $1,004,265, of which, pursuant to the operating agreement with the City, 40 percent, or $401,706, is to be shared with the City".

"The Durham Performing Arts Center is an asset to the City and the region, and thanks to the support of citizens, visitors, patrons and sponsors, the facility is something that we all should be proud of. With the great line up of shows, including Phantom of the Opera and Wicked for the coming season, it looks like DPAC is well on its way to continuing its success in 2010," Bell said.