The Madison Square Garden Co Beats Q1 Revenue Estimates

The Madison Square Garden Co MSG reported financial results Friday for the first quarter ended September 30, 2014.

First quarter revenues came in at $241.7 million, above estimates of $224.22 million and grew 12 percent, as compared to the prior year quarter, primarily due to an increase in revenues in the Company's MSG Entertainment and MSG Sports segments, partially offset by a decrease in revenues in the Company's MSG Media segment.

Operating income of $197.4 million increased by $157.5 million, as compared to the prior year quarter, primarily due to the $162.4 million pre-tax gain on the sale of Fuse, partially offset by other net operating income decreases.

Net income of $108.1 million ($1.38 per diluted share) increased by $84.2 million, as compared to the prior year quarter, primarily due to the increase in total company operating income, partially offset by higher income tax expense.

President and CEO Tad Smith said, "Our Company started fiscal 2015 with double-digit increases in both revenues and AOCF in the first quarter. Our results were led by our MSG Entertainment segment, which benefited from The Garden, the Forum and The Theater at Madison Square Garden being open this quarter. As we recently announced, we are exploring separating our business into two companies, each with its own distinct value proposition for investors.”

The Madison Square Garden Co traded at $76.77 in the premarket, up 3.6 percent.

Posted In: EarningsNewsTad Smith
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