Madison Square Garden, Inc. Reports Fourth Quarter And Full Year 2010 Results

2010 revenue of approximately $1.2 billion, an 8.9% increase compared to 2009

Record 2010 AOCF of $202.8 million, up 68.1% versus 2009

Full year 2010 operating income of $134.5 million nearly three times 2009 results

NEW YORK, March 4, 2011 (GLOBE NEWSWIRE) -- Madison Square Garden, Inc. (Nasdaq:MSG) today reported financial results for the full year and fourth quarter ended December 31, 2010.

Madison Square Garden's full year 2010 revenues increased 8.9% to approximately $1.2 billion compared to 2009, primarily reflecting an increase in revenue in the company's MSG Media and MSG Entertainment segments. Adjusted operating cash flow ("AOCF") ⁽¹⁾ increased 68.1% to $202.8 million and operating income increased 198.7% to $134.5 million, both as compared to 2009.

Full year net income of $83.4 million ($1.09 per diluted share) increased 201.6% versus $27.6 million ($0.38 per diluted share) in 2009. 2010 year-end cash and cash equivalents totaled $354.5 million versus $109.7 million at 2009 year-end. 

Fourth quarter 2010 revenues increased 5.0% to $432.7 million compared to the prior year period, primarily reflecting an increase in revenues in the company's MSG Media and MSG Sports segments. AOCF increased 10.6% to $69.6 million and operating income increased 19.2% to $52.4 million, both as compared to the fourth quarter of 2009. AOCF and operating income growth were driven by higher MSG Media revenues. 

Fourth quarter net income of $32.7 million ($0.42 per diluted share) increased $9.3 million compared to net income of $23.4 million ($0.32 per diluted share) in the prior year period.  The increase in net income primarily reflects the growth in operating income discussed above. 

Madison Square Garden President and CEO Hank Ratner said: "Madison Square Garden had a historic year in 2010 as we successfully completed our spin-off from Cablevision and became an independent public company. We achieved the highest level of AOCF in Madison Square Garden's history, a reflection of our strategy to use our unique assets across media, entertainment and sports to generate enhanced returns.  We also commenced the much anticipated Transformation project to turn The World's Most Famous Arena into the world's most state-of-the-art arena."