CHAIRMAN Ken Davy today revealed Town lost £192,000 last season.
Having been rescued from financial ruin just 24 hours before the 2003-04 campaign kicked off, trading income totalled £3.5m as Town powered towards a glorious promotion.
Helped by the £1.3m sale of Jon Stead to Blackburn Rovers, Town were able to reduce their debt to the former playing squad from £1.4m to £524,000 by the end of May this year.
A further debt of £1.2m to Kirklees Stadium Development Ltd, who run the stadium, is being repaid over the next 20 years.
In his report on the first trading year of his ownership, Mr Davy said: "The fact this historic club came so close to disaster is a salutary lesson for everyone involved in football, whether management, players or supporters.
"It is not my role to comment on what has gone before as far as Huddersfield Town are concerned, however you may be confident your board is determined to ensure that never again will the future of Huddersfield Town be put in jeopardy.
"This may mean that from time to time we have to take difficult decisions in the best long-term interests of the club. But I am absolutely certain that even our most ardent critic would never want the future of this great club to be put at risk again."
Mr Davy said the name of the company, currently Capital Reward Ltd, would soon be changed to Huddersfield Town.
The club made just under £200,000 from the three play-off matches, while gate receipts accounted for almost half the £3.5m income - a tremendous contribution by fans.
The report contains no direct reference to the club's wage bill, but Mr Davy added:
"It is common knowledge we inherited a grossly inflated wage structure.
"The very encouraging news is that we have been able to make significant inroads into that during the last 17 months."
Mr Davy thanked finance director Roger Armitage for his work and also former director Martin Byrne for helping save the club from extinction.
