"I can't thank our musicians enough for their financial sacrifices that helped up to get to this point," Hoffert said in a statement. "It's been a tough couple of years cutting every corner and creatively coming up with new ways to generate revenue."

According to the ISO, donations to the orchestra's annual fund rose by 7 percent compared to 2002-03, with 1,000 new donors contributing and corporate sponsors giving an additional $100,000. Ticket sales were 5 percent higher than they were in 2002-03.

In addition, the orchestra cut six staff positions, reduced executive salaries, and rented out space in its Symphony Centre.

The ISO posted deficits of $284,000 and $545,000 in 2002 and 2003. The 75-year-old full-time orchestra has a budget of $24 million.