Dwindling crowds hit Queen of the South's finances
Queen of the South FC saw its operating loss double to a little over £200,000 last year, according to its accounts.
The Dumfries club blamed the lack of any significant cup runs and a continuing decline in attendances in its financial review for 2017/18.
It said trading to a breakeven position while maintaining full time football remained a "significant challenge".
However, increased gate prices, better cup progress and centenary celebrations are helping cash flow this season.
The report to shareholders said gate receipts in 2017/18 were only about half the figure for the previous year although those had been boosted by a cup tie with Rangers at Ibrox.
Although the balance sheet remained "reasonably healthy", the club said that lower cash reserves had necessitated a "more cautious approach" to squad building in the current season.
The Doonhamers currently sit just outside the play-off places in the Scottish Championship and face Aberdeen in the Scottish Cup last 16 on Sunday.
The accounts will be presented at the club's annual general meeting on 25 February.