SPL strugglers Dunfermline have announced annual losses of £431,621 - less than half of the previous year's deficit.
The figure included player and football management bonuses of nearly £185,000 as a direct result of last season's promotion to the top-flight.
The Pars board says that is a "considerable improvement" on the £1million loss incurred in 2010.
Turnover up to May 31 also improved by 31 per cent compared to 12 months earlier.
Chief executive Bill Hodgins said: "It was through enormous hard work by all staff, and especially those in hospitality, sales and marketing, that enabled us to improve our financial situation.
"A great deal of praise also has to go to the football management staff who secured promotion to the SPL with the same financial resources as the previous year.
"Obviously more work is required as we aim to achieve a small surplus this season and then to build upon that for future years.
"This will still be challenging, given economic conditions, the impact of the postponement of our Kilmarnock game followed by the recent insolvency of Rangers which could also impact on other member clubs."
Chairman John Yorkston has already expressed "extreme concern" that the Fifers will not be paid £80,000 owed to them by Rangers, who were forced into administration on February 14, on time.