New Zealand Rugby's announced an operating profit for a third year in a row, and they've made a $373,000 profit.
That's a turnaround from their budgeted loss of $1.5 million, but is well down on last year's profit of $2.5 million.
The balance sheets of provincial unions also showed a combined surplus of $1.2 million.
It's the third consecutive year the provinces have finished in the black, although the surplus was down on the previous year, and four of the unions slipped back into the red.
NZR's revenue increased last year from 2013 and it invested an extra 1.6 million dollars into the All Blacks in the lead up to Rugby World Cup this year.
Chief executive Steve Tew says it's pleasing that some unions that have had financial difficulties recently, such as Otago, Southland, Manawatu, Tasman and Bay of Plenty, had positive results.
10 of the 12 Heartland Championship unions also recorded surpluses, with a small combined total of $108,000.
NZR's cash reserves are slightly down from the 2013 financial year.