|Elijah Craig is one of my favorite bourbons...|
Small Batch is a term usually applied to bourbon (which is why I am familiar with it):
A small batch bourbon is made for the true connoisseur, every sip a testament to the work and love that has gone into each handcrafted bottle.A while back on Kottke.org, the term was applied to small, focused businesses... A company that's small and cares about quality and originality and is trying to do something great for a few customers instead of trying to mass produce crap in order to maximize profit.
I think it is a great term for a small, focused theatre company. Instead of boutique or indie ( a phrase I like to use), the term small batch seems to sum it up pretty well.