Ted Warren, executive vice president and chief operating officer, brought LifeWay Christian Resources trustees up to date on the company’s financial performance during its Feb. 9–10 meeting in Nashville.
In 2003, LifeWay reported revenues of $414.3 million, down 0.7 percent from the previous year, Warren reported. First-quarter 2004 revenues were $104.4 million, up 2.9 percent from the same quarter last year but 2.1 percent below budget. Warren projected 2004 year-end revenues to be $440.3 million, 6 percent ahead of last year but 1.8 percent below budget.
Warren provided trustees with a list of important events at LifeWay during the past 10 years, including revenue numbers. “Our revenues went from $241 million in 1994 to $414 million in 2003,” he said. “That’s up almost 80 percent, an increase of $173 million.”
Assets for the corporation have almost doubled since 1994, Warren said, increasing from $147 million to $349 million. “That’s a pretty good run. God has gone exceedingly above and beyond all we could ask for.”
Jim Carter, vice president of the finance and business services division, told trustees LifeWay is continuing to alert churches and Southern Baptist organizations about the significant savings available through the Southern Baptist Purchasing Alliance (SBPA).
Savings on software
The SBPA uses SBC entities’ relationships with several large companies, including Microsoft, Dell, MCI and Toshiba, to provide high-quality software, hardware, equipment, furniture and supplies to Southern Baptist churches and members at discounted rates.
Since its inception in 1998, the SBPA has saved Southern Baptists more than $17.6 million, Carter said. For more information, go to www.lifeway.com under the shopping tab.
Luis Aranguren, director of LifeWay’s international department, said in 2003 LifeWay sponsored 621 leadership workshops that trained 47,206 pastors and leaders from 4,284 churches in 31 countries.
“During the last five years we have invested 5,487 hours to conduct 1,798 workshops to train 150,987 pastors and leaders from 18,466 churches in 52 different countries,” he said.
Trustee actions included:
Approval of an increase of up to 3.5 percent for all dated and undated Sunday School curriculum.
Approval of the sale of three tracts of land near LifeWay’s Ridgecrest Conference Center.
Election of board officers, including Wayne Hamrick, pastor of Atco Baptist Church in Cartersville, Ga., chairman; Roger Willmore, pastor of First Baptist Church in Boaz, vice chairman; and Tom Woodson, senior pastor of Sheridan Road Baptist Church in Tulsa, Okla., recording secretary. (BP)
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