Both sides have entrenched their positions so far over the last few years (not to mention few months) that if either side capitulates, they will be powerless for quite some time. And both sides have diametrically opposed positions (the league requires a salary cap, and the players flat-out refuse to accept one.) Note that by "players" I am obviously talking about the NHLPA...Rumors are that there are some individual players willing to accept a cap.
Personally, I'm more inclined to believe the owners -- perhaps not 100% of their numbers/facts/figures/whathaveyou. But the fact that they're losing money? Sure.
Of course, the fact that they're locking out the players during this crucial season -- a team from FLORIDA just won Lord Stanley's Cup -- doesn't bode well for the sport. They did the same thing 10 years ago when a team from NEW YORK had just won the prize.
This league has a history of shooting itself in the foot. I see no reason for it not to continue.