Orchestra president Richard R. Hoffert attributed the surplus to increases in corporate sponsorship, private contributions, and ticket sales, as well as to concessions made by musicians in the contract they signed last year.
"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.