Share “Madison Square Garden 2Q profit tops Street”

Madison Square Garden 2Q profit tops Street

Published on NewsOK Modified: February 6, 2013 at 10:19 am •  Published: February 6, 2013

NEW YORK (AP) — Madison Square Garden Co.'s fiscal second-quarter net income soared 83 percent, bolstered by higher ad revenue from its media division and lower expenses.

MSG owns and operates sports teams including the New York Knicks of the NBA and the New York Rangers of the NHL. Its business also includes the MSG sports and Fuse music television networks, and venues such as Madison Square Garden and Radio City Music Hall in New York City and the Forum in Inglewood, Calif.

The company said Wednesday that its quarterly results were impacted by the National Hockey League work stoppage and the New York Knicks' return to a full regular season schedule.

MSG earned $46.9 million, or 60 cents per share, for the three months ended Dec. 31. That compares with $25.6 million, or 33 cents per share, a year ago.

This easily beat the 36 cents per share that analysts polled by FactSet expected.

MSG's stock climbed $2.01, or 3.9 percent, to $54.12 in morning trading on Wednesday after rising as high as $54.83 earlier in the session. FactSet said that is an all-time high for the stock.

Stock-based compensation expense fell to $5.5 million from $7.1 million during the quarter, while depreciation and amortization including impairments dropped to $21.7 million from $24.1 million.

Revenue rose 4 percent to $387.9 million from $373 million, mostly because of higher revenue from its MSG Media unit. Wall Street predicted $416.4 million in revenue.

Continue reading this story on the...