Results from Operations
Segment results for the quarters ended December 31, 2010 and 2009 are as follows:
|Revenue||AOCF||Operating Income (Loss)|
|$ millions||Q4 2010||Q4 2009||Change||Q4 2010||Q4 2009||Change||Q4 2010||Q4 2009||Change|
|MSG Media||$144.1||$128.5||12.1 %||$51.7||$41.2||25.4 %||$46.7||$35.2||32.5 %|
|MSG Entertainment||177.5||177.0||0.3 %||18.1||19.0||(4.5) %||14.5||14.9||(3.0)%|
|MSG Sports||128.7||123.7||4.1 %||3.2||3.8||(15.8) %||(0.6)||0.4||--|
|Other ( including eliminations )||(17.7)||(17.1)||(3.3) %||(3.5)||(1.2)||(201.0) %||(8.1)||(6.6)||(23.0)%|
|Total Company||$432.7||$412.0||5.0 %||$69.6||$62.9||10.6 %||$52.4||$44.0||19.2 %|
|Note: Does not foot due to rounding|
|1. See definition of adjusted operating cash flow ("AOCF") included in the discussion of non-GAAP financial measures on page 3 of this earnings release.|
MSG Media revenues for the fourth quarter 2010 rose 12.1% to $144.1 million, primarily driven by affiliate fee revenue growth. Affiliate fee revenues increased $12.5 million compared to the year-ago period, largely attributable to higher contractual affiliation rates. Advertising revenues increased $3.9 million compared to the year-ago quarter. AOCF increased 25.4% to $51.7 million and operating income rose 32.5% to $46.7 million, both as compared to the fourth quarter of 2009. The increases in AOCF and operating income primarily reflect the growth in affiliate fee and advertising revenue, partially offset by higher direct operating and selling, general and administrative expenses.
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