The latest Forbes figures are from the 2010-11 season. According to that, 12 teams showed a profit. Of the 18 that didn't, Atlanta moved. Revenue in the first year in Winnipeg is rumored to be near $100M. 7 more teams posted revenue of $90M or more (3 had $100M or more).
I'm on the players side on most parts, but if there's only 11 out of 30 teams in the NHL making a profit then maybe the cap needs to be lowered from 71 mil to about 65 mil to start. The only reason the salary cap has been rising since it was brought in is because of the revenue of those 11 teams turning profits keeping the rest afloat with revenue sharing. The Jets sold out pretty much every game last year and have a 5 year wait list for season tickets, but apparently lost $5mil last year... Granted we have the smallest building in the league here, but that's still not a good sign. If 3000 seats could be added to the MTS Centre, then there would be 12 out of 30 teams turning a profit, but at the same time, if the cap was lowered to $65mil with a modest 7% or so salary roll back then we could see up to 20+ teams turning profits.
The unfortunate thing for some of the NHL teams is that they're in markets that just don't have enough interest in hockey on the whole. Atlanta failed twice, Florida, Columbus, NY Islanders and the worst of all...New Jersey Devils. 3 Stanley Cup championships since 1995 and they still have a mediocre at best fanbase. Guess they can't compete with the Braves, Falcons and Nets. 4 major sports teams in 1 city and they support all teams but the one that actually wins championships. This is where the NHL is failing. It's nice to have a dream of teams all the way across North America, but the southern expansion is killing the NHL cause of lack of interest, and at the end of the day Gary Bettman will be known for 2 things and that is the lockout hat-trick and a failed pipedream of southern expansion.
The Avs posted a $6.1M profit with just $83M in revenue, and the Oilers posted $17.3M with $96M in revenue, despite carrying nearly $100M in debt. The problem is more one of mis-management than player salaries or even bad markets.