Under then manager Steve Lomas and his assistant Tommy Wright, the Perth club secured a third-place finish in the top flight, having begun the campaign with a Europa League tie against the Turkish club Eskisehirspor last summer.
Brown, who confirmed the playing budget at McDiarmid Park has been cut in order to prevent further losses, told shareholders that, while 2012/13 was "successful and exciting" on the pitch, there had been a £192,767 loss - despite a £50,000 windfall from Millwall for the services of Lomas - as average attendances remained below 4000.
Wright, who has taken charge following the departure of his fellow Northern Irishman, has faced further cuts. The club still has a seven-figure rainy day fund but Brown says it is time to halt the deficits.
"Reduced income from football's governing bodies, reduced TV income and an average crowd of 3700 means that we simply cannot continue to outlay large salaries and bonuses to players where there is no income to meet these payments," said Brown, who is putting the emphasis on producing home-grown talent.
"Despite the on-field success, we did not get more people through the turnstiles. The European adventure with Eskisehirspor, though great for the club and supporters alike, proved expensive and the impact of televising games, though producing welcome revenue, resulted in many matches being played outwith the traditional 3pm Saturday slot and this had a negative impact on both crowds and hospitality revenue. Profitable trading continues to be a challenge and once again it has eluded us this year. Despite the welcome contributions from a ready and loyal band of sponsors and supporters, the ongoing economic recession once more provided a negative impact.
"We are continually striving to ensure that the facilities and services provided at the ground are second to none. I would urge all shareholders, supporters and those in the business community to support the various aspects of our business."
Brown praised the work of his staff for the strides made last season and recognised their achievements had been earned in spite of the situation.
"Having qualified for Europe, the team acquitted itself well against a quality Turkish side with a footballing budget substantially higher than ours. The team fed off this success and not only finished in the top six once more, but finished third, their highest position since 1999, and qualified yet again for Europe. It is testament to the abilities and professionalism of management, backroom staff and players alike that the season proved to be one that would be remembered for a long time."