NEW YORK (CelebrityAccess MediaWire) — Madison Square Garden Co. reported strong results in their fiscal fourth-quarter financial reports with earnings up by 27% on the strength of their sports and media operations.
For the quarter ending on June 30th, MSG posted a profit of $36.4 million, up from $28.6 million in the same period in 2012. Revenue increased by 1.1% to $336.4 million, while their operating margin increased from 15% to 19.6%.
The bright spots for MSG were in their sports segment, where revenue increased by 7.3% based on increased suite rental fees and ancillary revenue streams such as concessions and merch.
MSG Media also saw a strong quarter, with revenue up by 5.9% propelled by higher advertising revenue.
Performance at MSG's entertainment segment were a dark spot on the financial report, with the division posting a revenue drop of 31% with operating losses increasing to $17.8 million from $8.7 million in the same period in 2012. The losses were attributed to less theatrical and promoted events, the company said. – Staff Writers