GREEN BAY, Wis. (AP) The Green Bay Packers' profit fell by nearly 50 percent in the last fiscal year as the team missed the playoffs for the first time in a decade.

President and CEO Mark Murphy said the outlook for the Packers remains strong as the NFL's only publicly owned team released its 2018 financial statement on Monday. The Packers announced a profit from operations of $34.1 million, a steep decline from $65.4 million a year earlier. Expenses soared 11.9 percent, from $376.1 million to $420.9 million, a byproduct of player salaries, coaching changes and travel costs. Revenue increased just 3.1 percent from $441.4 million to $454.9 million.

"The NFL continues to be very popular nationally," Murphy said. "There's been a lot talked about with ratings that have gone down, but, really, relative to ratings overall, the league remains very strong. The fan interest and support remain strong for both the league and us. Our strong, stable financial position has allowed us to invest in the team through contracts for players and coaches, our facility, the stadium, the fan experience and community, and making sure the franchise stays strong for the future."