Premier League Burnley broke even last season as revenues jumped by 28% to £19.6m
The Club made a pre-tax loss of £7.9m but said exceptional costs associated with promotion equalled this figure.
Most of the club's income, £11.9m, came from TV rights while match day receipts accounted for £3.9m, with average attendances up 5% to 13,500. Wages and salaries accounted for £18.7m, or 95% of revenue.
In their report, co-chairmen John Banaszkiewicz and Mike Garlick, said: "When we took on the responsibility of co-chairmanship, we stated that we would manage the club's finances sensibly whilst keeping the club as competitive as possible, and we are happy to report that even though these accounts show a £7.9m loss before tax, the majority of this is due to the additional exceptional, one-off costs that promotion entails.
"Without these one-off costs we are very pleased to report that the club would have been in a break-even position, keeping to our promise made during the year."
The club said it had total liabilities of £20.7m and net debt was £4.8m at the year end.
Burnley are currently 19th in the Premier League despite draws at Manchester City and Newcastle over New Year.
In contrast Burnley's East Lancashire rival Blackburn Rovers recorded a £42.1m pre-tax loss last season and saw net debt rose by £25.3m to £79.8m.