MSG Reports Rising Revenue Amid Hurricane Sandy Fallout, NHL Lockout
The company's New York Knicks open the second phase of the transformation of The Garden Thursday night as the city struggles to get transportation up to par.
The Madison Square Garden Co. on Friday reported results for the last financial quarter that were better than expected at $204.2 million in revenue and net income of $20.6 million.
MSG's revenue grew 15 percent from the prior year's quarter while its net income fell 3 percent. Analysts were expected a drop in net income, but the drop wasn't nearly as bad as projected thanks to stronger-than-predicted performances in the entertainment and sports sectors.
The media sector of MSG came in at $159.5 million of revenue, up 15 percent for the comparable period the previous year, attributable mostly to higher affiliate fee revenue. Advertising was flat.
"Our company had a strong start to fiscal 2013, reflecting continued positive momentum across all three of our business segments," said MSG president and CEO Hank Ratner. "We delivered robust first quarter results while also continuing to invest in our businesses to drive long-term growth and create value for our shareholders."
Although the MSG didn't address it in its initial earnings report, the effects of Hurricane Sandy could impact its next financial quarter. With transportation still an issue in New York, the Garden plays host to the New York Knicks opening game Thursday night. The company might also see some impact from the National Hockey League lockout with New York Rangers games being canceled through November.
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