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Fiscal 2012 revenue of $1.3 billion, an 8% increase compared to prior year
Fiscal 2012 AOCF of $283.2 million, a 36% increase compared to prior yearFiscal 2012 operating income of $177.5 million, up 44% versus prior year
NEW YORK, Aug. 24, 2012 (GLOBE NEWSWIRE) --The Madison Square Garden Company (Nasdaq:MSG) today reported financial results for the fourth quarter and fiscal year ended June 30, 2012.
Fiscal 2012 revenues of $1.3 billion grew 8%, as compared to the prior year, primarily due to an increase in revenues in the MSG Sports and MSG Media segments, partially offset by a decrease in revenues in the MSG Entertainment segment. Fiscal 2012 adjusted operating cash flow ("AOCF")
(1) of $283.2 million increased 36%, as compared to the prior year, primarily driven by improved AOCF results in all three of the Company's business segments. Fiscal 2012 operating income of $177.5 million grew 44% and net income of $106.5 million ($1.38 per diluted share) grew 34%, both as compared to the prior year.
Fiscal 2012 fourth quarter revenues of $332.9 million grew 42%, as compared to the prior year period, primarily due to an increase in revenues in all three of the Company's business segments. Fiscal 2012 fourth quarter AOCF of $77.8 million increased 90%, as compared to the prior year period, primarily driven by an AOCF increase in the MSG Sports segment and, to a lesser extent, by an AOCF increase in the MSG Media segment and improved AOCF results in the MSG Entertainment segment. Operating income of $49.9 million grew 245% and net income of $28.6 million ($0.37 per diluted share) grew 235%, both as compared to the prior year quarter.
President and CEO Hank Ratner said: "Our Company had an impressive year as the ongoing strength of our fully integrated media, entertainment and sports business drove record AOCF for fiscal 2012. The second phase of the Arena Transformation is progressing well and we look forward to the debut of the transformed upper bowl this fall. Looking ahead, we remain confident that the breadth and strength of our assets and brands position us well for long-term growth and value creation for our shareholders."