The Geelong Cats are pleased to announce an operating profit of $1.22 million in 2008, the ninth consecutive profit.

“This is a terrific result for the club,” Geelong CEO Brian Cook said.

“We have had a successful season and would like to thank all of our members, sponsors and supporters for the role that they played. We are confident that we have solid foundations as we strive to become a great club.”

Revenues increased from $33.3 million in 2007 to $35.7 million in 2008, an increase of seven percent.

The club enjoyed a 22 percent growth in membership, which totaled a record 36,943, and a nine percent rise in reserved seating revenue to $2.93 million. This helped off set the fact that the club did not have a home game at the MCG. Merchandise sales grew by 43 percent to $2.47 million.

Football costs increased by eight percent to $14.87 million, due largely to increased costs in player payment, coaching, staffing and recruiting.

The club’s net assets now total $8 million following asset write offs primarily associated with the demolition of the Ross Drew stand, totaling $1.16 million.

The club repaid $1.09 million of loans it took out associated with stage one of the Skilled