NEW YORK (CelebrityAccess MediaWire) — Madison Square Garden Co. (MSG) handily beat analyst expectations Friday when they announced that their revenue was up by 42% and profits had more than tripled in the 4th quarter.
The company posted a net income of 28.6 million in Q4 against profits of $8.5 million during the same period in 2011. Revenues climbed to $332.9 million in Q4 against $277.14 million for Q4 in 2011.
"Our company had an impressive year as the ongoing strength of our fully integrated media, entertainment and sports business drove record adjusted operating Cash flow (AOCF) for fiscal 2012,” said president and CEO Hank Ratner.
The strongest driver for the company's improved performance came from their sports division, where a compressed NBA season, combined with New York Rangers and New York Knicks home playoff games boosted revenue by 74% from the previous year.
MSG Entertainment's revenues slipped to $264.0 million, down 10% from the previous year, but improved by 41% from the previous quarter. The company cited an increase in the number of events, primarily in the New York market, as well as increased signage revenue for the improvement. MSGE operates Radio City Music Hall and the Beacon Theatre in New York and recently added the L.A. Forum in Los Angeles to their portfolio. – CelebrityAccess Staff Writers
