3 home games against Celtic doesn't generate any more cash than 2 home games against Rangers and 1 home game against Celtic in any other season.
TV money was reduced this season.
Crowds averages are down by around 600 or so this season.
Getting papped out in the first round of both Euro competitions doesn't generate a huge amount of extra cash (although the final amount we are awarded hasn't been determined yet I don't think).
We didn't get as far in the Cups as we budgeted for.
The club said earlier in the season that we are paying out more win bonuses than we had budgeted for.
Plus, was there not a projected loss to manage as well?
EDIT: I don't think we're in bad shape though, and our rivals will be in the same boat. We also seem to have done good business in signing up some the U-20s that we wanted to hold on to.