The Green Bay Packers had another profitable season last year, setting franchise records for net income, revenue and profit from operations, according to new figures released Tuesday.

And the financial future is also bright, with the team poised to open a new 7,000-seat addition in the south end-zone area this season — at a cost of $146 million — that is expected to generate new revenue equivalent to an extra home game at Lambeau Field.

Top team officials said Tuesday that, for the fiscal year ending March 31, net income increased 1% to $43.1 million. Profit from operations jumped 26.4% to $54.3 million, and total revenue went up 2% to $308.1 million. All are franchise records.

Mark Murphy, the franchise's president and CEO, said higher revenue and lower expenses led to record operating profits and net income. He noted that the Packers, like the rest of the National Football League, were reaping the benefits of a collective bargaining agreement with players.

"We are seeing the benefit of that in a number of ways," Murphy said Tuesday. "Just having the stability of a long-term labor agreement has allowed the league to enter into long-term contracts with our TV partners and long-term agreements with sponsors. Same thing for us."

The Packers are the NFL's only publicly owned franchise, so the release of their financial picture is closely watched in sports. Just this week, Forbes magazine reported that the Packers were the 18th most valuable sports franchise in the world, with an estimated value of $1.16 billion.

Paul Baniel, the franchise's vice president of finance and administration, said the difference between the sizable percentage jump in profit from operations and net income was due to investment and taxes.

Baniel said the team's corporate reserve fund, which includes the old Packers Preservation Fund, had gone up from $246 million to $254 million.

One key factor in the previous fiscal year was a significant drop in player costs. In the fiscal year ending March 31, 2012, player costs totaled $155.4 million. This year it dropped $19 million to $136.4 million.

But there is a caveat, Murphy said. The team committed millions to long-term extensions to two of its biggest stars: quarterback Aaron Rodgers and linebacker Clay Matthews.

"If those had fallen in our fiscal year, our expenses would have been different. They will be in the next fiscal year," Murphy said. "Because of the timing issue, our profits are a little higher than they would be otherwise."

Total team expenses were $253.8 million, down $5.2 million from the previous year.

National revenue was up 4.9%, from $171.6 million to $179.9 million. That revenue includes national television revenue, which was not broken out in the Packers' report.

Murphy said NFL teams benefited from a new deal with Nike and carriage fees paid by cable television systems for the NFL-owned NFL Network.

Local revenue — the amount of money generated from team operations — was down 1.7%, from $130.4 million to $128.2 million.

Murphy said revenue from both the team's Pro Shop and tours of the stadium and Hall of Fame had dipped since the team's victory after Super Bowl XLV but was heading up.