The positive financial result comes two years after the disastrous 2001-2002 season, when the ESO suffered through a musicians' strike and lost C$1 million.
There are signs that the orchestra's fiscal health has continued into the new season. CEO Elaine Calder said that corporate sponsorship has risen, and subscriptions are up 9 percent.
The new contract, which runs through September 2007, includes 4 percent pay raises in the second and third year. But musicians agreed to freeze their per-service fees.
"This is the fourth year in a tow that the musicians have put the organization's financial health ahead of their own economic concerts," Calder said.