CEO Carl Dilena said the result is significant given the tough economic environment.
"This is more fantastic news for our club as we continue to strengthen the organisation and move in the right direction.
“Our improved off-field position is a credit to our hard working players and staff and highlights our wonderful members and supporters who have contributed generously over the years and enabled us to grow and prosper.”
Dilena said one of the key factors was North’s membership record of more than 40,000. The club was also able to reduce its debt by a further $700,000 while increasing its investment in the football department.
“We are determined to grow our membership further and keep investing in our football department to ensure more on-field success and give Brad and the players every opportunity to improve.
"We have reduced our once crippling debt to just $2.05M. This was made possible through significant fundraising efforts and generous member donations.
"This current Board vowed to wipe out our debt when it took over in 2008 and we are very close to making good on that promise."
Increased support in Tasmania with steady membership and two sell out games bolstered the club’s position along with sensational results on the field which included two brilliant finals wins and a top four finish.
"Credit goes to the players, hardworking administration and football department, but most importantly, our passionate supporters.
"We are in a solid position on and off the field but we must continue to be bold and find ways to grow.
“We must manage our financial position and continue to invest in our football operations which will ultimately help us achieve a fifth premiership and achieve sustained success.”