NEW YORK (AP) — Madison Square Garden Co. said Wednesday its net income rose 28 percent in the fiscal fourth quarter on greater affiliate payments and advertising revenue and an increase in hockey games.
The company said revenue from its media business rose 6 percent on greater affiliation rates and more advertising revenue for Fuse and its MSG Networks. Sports revenue increased 7 percent. A lockout of National Hockey League players last winter resulted in more games being played this spring.
Shares of MSG rose $1.53, or 2.6 percent, to $59.95 in morning trading.
The company owns the New York Knicks and Rangers, among other teams, and runs Madison Square Garden, Radio City Music Hall, the Beacon Theatre and several other venues. MSG said its net income rose to $36.4 million, or 47 cents per share, from $28.6 million, or 37 cents per share. Revenue grew 1 percent, to $336.4 million from $332.9 million.
Analysts were expecting net income of 30 cents per share and $324.2 million in revenue, according to FactSet.
The company said media revenue improved to $176.8 million and sports revenue totaled $140.7 million. Revenue from its entertainment unit fell 31 percent to $34.8 million because of a decrease in theatrical performances and promoted events.
MSG's net income rose 34 percent in the latest fiscal year, to $142.4 million, or $1.83 per share, from $106.5 million, or $1.38 per share. Revenue grew 4 percent, to $1.34 billion from $1.28 billion.
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