The Clarets operated at a loss of £4m the previous year and the upturn in their finances can largely be explained by the £7m sale of star striker Jay Rodriguez to Southampton. Joint chairmen Mike Garlick and John Banaszkiewicz said in a statement to shareholders: "This player trading remains a cornerstone of how the club balances it books.
"Despite recording an operating loss for the year, the transfer fee we received for Jay Rodriguez meant we were able to convert this loss for the year into a profit and provide the basis for supporting ourselves in 2012/13.
"Looking forward, the reduction in our income in 2012/13 and 2013/14, now that the initial Premier League parachute payment period has ended, and the introduction of the Football League Financial Fair Play Rules mean that we need to continue to plan carefully for the future and act accordingly, to ensure that we operate within the Rule and the income we generate.
"Your Board are true Clarets' fans and we are committed to supporting the team and the manager to give us the nest chance of achieving the success we all feel the club deserves." The Turf Moor club will continue to try and cut their wage bill after turnover fell by £4m to £23m due to a further reduction in parachute payments from the Premier League and lower attendances.