NEW YORK (CelebrityAccess) — The Madison Square Garden Company reported a solid second fiscal quarter with earnings of $61.2 million against $60.5 million in the same period in 2014.
Revenue rose 7% to $542.5 million, handily beating analyst forecasts of $521 million, on the strength of growth in the company's entertainment and sports units, offsetting a decline in the company's media division revenue.
The increase in revenues in the MSG Entertainment segment includes the positive impact of the Forum being open in the, versus being closed for renovation during the prior year quarter, the company said.
MSG Entertainment posted an operating income of 52.3 million for the quarter, an increase of 37% over the same quarter in 2014.
"Our Company delivered double-digit AOCF growth in the second quarter as we benefited from the full availability of the Forum and The Garden, as well as broad-based organic growth," President and CEO Tad Smith wrote in the earnings report.
"Additionally, we are continuing to explore the possible separation of our businesses and believe that the creation of two distinct publicly traded companies would provide both new entities with greater flexibility to pursue their own business plans, while enabling investors to evaluate more clearly each company's unique assets and potential," Smith added. – Staff writers