Blackpool spent one season in English football's top tier in 2010/11 and nearly returned a year later but lost the Championship play off final in May 2012 to West Ham.
According to newly filed accounts for parent company Segesta Ltd, revenue for the year to 31 May 2012 was down to £29.1m from £51.7m while operating profit before player transfers fell from £22.3m to £11.8m.
The club did however make a profit of £3.68m in 2011/12 on player transfers compared with a loss of £1.82m the previous season. Pre-tax profit fell from £20.4m to £15.5m.
Staffing levels grew from 127 to 150 but the wage bill halved, from £23.2m to £11.1m, reflecting their drop back to the Championship from the Premier League.
Sales were also boosted by a run in the 2012 FA Cup which saw the club make it to the fifth round before being beaten by Everton while parachute payments from the Premier League post-relegation are contributing to a healthy balance sheet.
However, Blackpool are experiencing a change of fortunes in the 2012/13 season and currently sit just six points above the relegation zone in the Championship.
The club have also recently appointed Latvian Kaspars Varpins to their board of directors.
He has worked closely with club president Valeri Belokon for the past three years overseeing the financial side of Belokon's businesses.
Writing in the annual report, directors said: "The year under review saw a further significant change for the company.
"Turnover was still assisted from the central distribution payments made by the Premier League mainly in the form of parachute payments and by cup and play-off performances.
"There was also additional transfer income, principally from the sale of Charlie Adam to Liverpool.
"Remaining in the Championship is not considered a considerable risk to the company as turnover will still be assisted by guaranteed parachute payments."