I guess we’ll have to wait for the company’s conference call with analysts to find out how it’s been impacted by the NHL lockout, Dish Network’s new agreement to carry its Fuse music channel — or Hurricane Sandy. No mention of these subjects in the earnings press release. Still, the numbers should please investors. MSG reported net income of $20.6M, -3.2% vs the same period last year, on revenues of $204.2M, +14.9%. The revenue figure slightly beat forecasts for $203.9M. And earnings per share at 26 cents were way ahead of the consensus projection of 18 cents. The MSG Media unit, which includes the company’s regional sports networks and Fuse, generated revenues of $159.5M (+15%) with operating income of $71.0M (+24%) due to higher payments it received from cable and satellite distributors. No word about ad sales. At MSG Entertainment — with venues including The Garden, the Beacon Theater, and The Chicago Theater — revenues came in at $30.8M (+12%). It had an operating loss of $16M (a 7% improvement) due to rising expenses. And MSG Sports, which includes the New York Knicks and Rangers, had revenues of 31.6M (+10%) with an operating loss of $2.1M (a 49% improvement). The company says that it was able to charge higher prices for suites and signage but here, too, that was offset by higher costs. “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,” CEO Hank Ratner says.
By DAVID LIEBERMAN, Financial Editor | Friday November 2, 2012 @ 8:31am EDTTags: Madison Square Garden Company
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