Madison Square Garden Q4 Profit Surges; Results Beat View - Quick Facts

(RTTNews) - The Madison Square Garden Co. (MSG), operator of the New York Knicks team, reported fourth-quarter net income of $45.69 million or $0.60 per share, up from $11.64 million or $0.15 per share in the comparable quarter last year.

On average, ten analysts polled by Thomson-Reuters estimated earnings of $0.40 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter grew 4 percent to $387.9 million from $371.7 million in the year-ago period. Analysts projected revenues of $359.99 million.

Segment revenues increased at MSG Entertainment and MSG Sports, as well as MSG Media, excluding the impact from the absence of Fuse.

President and CEO David O'Connor said, "The Company delivered strong financial results for both the fourth quarter and fiscal 2015 driven by ongoing demand for our portfolio of media, sports and entertainment assets and brands. We have made significant progress with respect to the proposed spin-off of our sports and entertainment businesses from our media business, and remain confident that this transaction will set the stage for continued growth and value creation."