Madison Square Garden Q2 Profit Rises; Results Top Estimates - Quick Facts

(RTTNews) - Madison Square Garden Co. (MSG) said that its net income for the second quarter of fiscal 2014 increased to $60.51 million from $46.91 million in the second quarter of fiscal 2013. Earnings per common share improved to $0.77 from $0.60 in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share for the quarter. Analysts' estimates typically exclude special items.

The comparability of fiscal 2014 second quarter results to the prior year second quarter was significantly impacted by last year's NHL work stoppage, which delayed the start of the 2012-13 regular season by approximately three months to January 19, 2013 and led to a shortened 48-game regular season. As a result, the New York Rangers did not play regular season games in the fiscal 2013 second quarter versus playing a combined 41 home and away games in the fiscal 2014 second quarter. In addition, MSG Networks, which serves as the local broadcast home to four NHL teams, did not broadcast NHL regular season games in the fiscal 2013 second quarter versus broadcasting a combined 154 games in the fiscal 2014 second quarter.

Quarter revenues grew about 31% to $509.38 million from $387.89 million in prior year second quarter, as all three of the Company's business segments delivered increased revenues, partially offset by an increase in inter-segment eliminations. Ten analysts estimated revenues of $497.34 million for the quarter.

President and CEO Hank Ratner said, "Looking ahead, we remain focused on maximizing growth from our existing asset portfolio, while pursuing additional investment opportunities to drive continued value creation over the long-term."