Financial figures released on Wednesday show profits down from £32.6m (a figure that included £35m received from the sale of Andy Carroll to Liverpool) to just £1.4m - although turnover increased to £93.3m, 5.4% up on the previous year.
That figure includes a rise of 14.6% in television income as a result of their fifth-placed finish in the Barclays Premier League last season.
However, while operating costs have remained steady at £21.6m, operating profit fell from £13.3m to £7.5m.
The club's wage bill also rose by 20 per cent to #£64.1m - largely as a result of the signings of several high-profile players including Yohan Cabaye, Sylvain Marveaux, Davide Santon, Papiss Cisse and Demba Ba (now at Chelsea).
Although attendances at St James' Park rose to an average of 49,936 during the period - an increase of 2,190 on the previous year - ticket revenue dropped by 7% because of a series of ticketing initiatives.
Commercial revenue was down by 12.7% - but the Tyneside club were keen to stress that the figures do not include their new partnership with Wonga, which they claim "represents a significant increase on the club's previous commercial agreements".