Yes, in the past and still today you can make (a lot of) money with news print only. By means of circulation revenue, advertising revenue and revenue from Classified. And you could make even more money, after you provide additional products & services for your readers (and maybe advertisers).
Today you don't have to, but you can and should also make money in the Internet, by providing convenience, services, tools, databases, events, etc. for the community and sell & deliver digital goods and explore eCommerce.
Btw., I think, today you have to use the platform Internet (and Mobile), if you and your company wanta to survive (... outside the museum) .
Here is one argument from your association (WAN) why you should not, cannot wait much longer (taken from the WAN executive summary World Digital Media Trends 2008 [PDF, May 2008, free])
(this figures do not include soaring print to web Classified ads revenue!)
The full report is for SFN (Shaping the Future of Newspaper) subscribers & WAN Members only