"We needed at least 60,000, and 10,000 fewer people is $150,000 in terms of revenue. Part of the reason was the product," he said, blaming an issue over films he was unable to offer but which people in the area wanted.
Last year, Mr Davies complained to the Commerce Commission after being unable to get films from one distributor who supplied his rival, the Bridgeway at Northcote.
But he said that situation was partly resolved a few months ago when another party stepped in and he got some access to the movies he had sought. That had resulted in him now being able to offer films such as We Need to Talk About Kevin and Midnight in Paris.
Cinema ticket and bar revenue for the year to October was about $650,000 gross, but Mr Davies said no profit was generated and all the money was used to run the business.
Cinema businesses operating from the Devonport building had gone broke three times, he said, but he aimed to make a success of it.
Trust co-leader Margot McRae said applicants needed to have experience or ability to operate and promote cinema or performing facilities and an enthusiasm to ensure it continued as a vibrant part of the community.