Madison Square Garden Q1 Profit Rises; Results Top Estimates - Quick Facts

(RTTNews) - Madison Square Garden Co. (MSG) reported that its first-quarter of fiscal 2014 net income increased to $23.87 million or $0.31 per share, from $20.60 million or $0.26 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.

Fiscal 2014 first quarter adjusted operating cash flow or "AOCF" of $65.5 million increased 3%, as compared to the prior year first quarter, primarily due to an AOCF increase in the MSG Media and MSG Sports segments, mostly offset by lower results in the MSG Entertainment segment and, to a lesser extent, an increase in unallocated corporate expenses.

President and CEO Hank Ratner said," With the completion of our third and final phase, our customers are now experiencing all of the amenities provided as a result of this unprecedented project, which was designed to benefit everyone who walks through our doors. A second important milestone is just around the corner, as we prepare for the January 2014 re-opening of the reinvented Forum in Inglewood, California. With the successful completion of these historic projects close at hand, we believe our Company is well-positioned to pursue additional opportunities to drive continued growth over the long-term."

Quarterly revenues grew about 6% to $215.58 million from last year's $204.17 million, primarily due to an increase in revenues in the MSG Media and MSG Sports segments, partially offset by a decrease in revenues in the MSG Entertainment segment. Nine analysts estimated revenues of $212.79 million for the quarter.