The Madison Square Garden Company was up in pre-market trading this morning as it reported its Q4 and 2013 results for the period ended June 30. There were increases at both MSG Sports and MSG Media, but the year and the quarter were off at MSG Entertainment. Overall, full-year revenues grew 4% to $1.3B for the New York Knicks owner, and net income was up 34% to $142.4M, or $1.83 a share. For the quarter, net income was up to $36.4M or 47c cents a share, from $28.56M or 37 cents a share last year, beating analyst expectations. Quarterly revenues were $336.4M, a 1% increase over the same period in 2012. MSG Media, whose properties include the MSG TV Networks and music channel Fuse, had full-year revenues of $677.7M, +10%, and operating income of $328.6M, a 44% hike. MSG Sports, which houses the NBA’s Knicks, the NHL’s New York Rangers, the WBNA’s New York Liberty and the AHL’s Hartford Wolf Pack, saw a 1% bump in revenues to $470.3M. Operating income was $13.5M, +3%. At the MSG Entertainment division, producer of live shows including the Radio City Music Hall Christmas Spectacular, revenues fell 4% to $252.2M. MSG said the decrease was partially due to lower takings from the Christmas Spectacular franchise, primarily as a result of Superstorm Sandy’s impact on attendance in New York. The division notched an operating loss of $24.7M, an increase of $15.4M. MSG is reopening the Inglewood Forum in January 2014 after a $100M revamp and said 2013 results were affected by expenses related to the venue which was not open for events during the year.
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This article was printed from http://www.deadline.com/2013/08/madison-square-garden-posts-strong-fiscal-2013-and-q4-results/