Arbroath shareholders should have received the Directors' Report and audited Annual Accounts in the post
The AFC accounts for the year ending May 31st must include the two Celtic cup games (and following the Rangers home cuptie the previous financial year) so this income along with television fees may have created a rosier picture than the underlying trend.
There seems to have been a significant increase in the total wagebill - for players etc I think, while income from SFA/SPL and also sponsorship, hospitality and advertising is down on the previous year
All these may be linked to the distortions on these bg games we've enjoyed for each of the previous seasons.
Without such windfalls and with no sugar daddy, the club would probably find it challenging. Overall however we seem to be keeping afloat so credit to the management committee.