Forbes magazine's 'Business of Hockey' online publication has almost become an annual tradition at this point, and is always the focus of quite a bit of water-cooler talk right around this time every year.

The numbers are interesting in and of themselves, but I figured that, now that we have four years of data to pick through, why not take a more of a historical look at what Forbes has put together and see what the findings show us? How have team revenues changed with revenue sharing being put into place postlockout? And which teams have seen the most growth over the past four years?

The results might surprise you:

Now, the first thing worth noting is that the Forbes figures are net of revenue sharing, which means teams like Toronto, the Rangers and Montreal would be even higher up the line had they not had to pay handouts to teams like Nashville, Phoenix, etc., over the past three years. And those clubs who have been receiving revenue sharing? They'd be even more bottomed out than they appear here.

The biggest gainers

The average team has, according to this data, seen its revenues increase by about 25 per cent since 2003-04, and most of the teams with the largest increases in that department are north of the border. Twelve teams have had 30 per cent or greater increases, a group that includes all six Canadian teams.

The teams that have increased revenues the most over the past four years are (1) Pittsburgh, (2) Anaheim, (3) New Jersey, (4) Edmonton and (5) Montreal.

The biggest losers

Three teams have seen their average revenues fall over this time period, and they're not who you'd think. Philadelphia, Tampa Bay and Colorado pulled in fewer dollars last season than four years earlier.

Other teams with limited growth include the Islanders, who have been a bottom feeder in the category year after year, the Stars, Bruins and Blue Jackets.

Who's healthy?

Doug MacLean, the former Columbus GM, has a radio show here in Toronto these days, and recently talked about how difficult it was to make ends meet running a shoestring operation in that city. In his estimation, revenues of about $90-million put teams in a comfortable spot in terms of turning a profit.

Last season was a good one in that department with 15 teams earning $90-million or more according to Forbes. Teams on the cusp included Pittsburgh, San Jose, Edmonton and Tampa Bay, who all generated more than enough revenue to at least break even given the way the NHL finances are currently configured.

The teams in the top 10 last season were: Toronto, Montreal, the Rangers, Detroit, Vancouver, Dallas, Philadelphia, Boston, Calgary and New Jersey. The Devils' revenues went way, way up in their new building, to the tune of more than $30-million in a single season.

Who's not?

Even with revenue sharing, some teams are significantly disadvantaged. Columbus, Atlanta, Nashville, Phoenix and the Islanders (who do not receive revenue sharing given their market size) are all under $72-million in revenue and are likely to lose money when more than $50-million of that is spent on payroll.

Teams like Carolina and Florida are generating slightly more revenue but are also on the cusp.

A breakdown by division

The average revenues generated by teams over the past four seasons, based on division alignment:

Northeast: $96.7-million
Atlantic: $83.4-million
Northwest: $81-million
Pacific: $79.4-million
Central: $74.3-million
Southeast: $69.8-million

Again, keep in mind that this is after revenue sharing, and four teams in the Southeast likely have received that payout the past three years. No teams in the Northeast, Atlantic or Northwest would be on the dole, and their numbers would appear even higher with those figures taken out.

Note the separation teams like Toronto, the Rangers and Detroit have in their divisions.

One last thing before I put this to bed: The Canadian-U.S. question. Based on Forbes revenue figures, the Canadian teams generated 21 per cent of total revenues in 2003-04.

Last season, even while all six teams paid into revenue sharing, that figure was 25 per cent. Canadian teams' revenues have increased 44 per cent in those four years; American ones have averaged only 17-per-cent growth.