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TheStreet Open House

The Madison Square Garden Company Reports Fourth Quarter And Fiscal 2012 Results

Stocks in this article: MSG

For the fiscal fourth quarter, MSG Media revenues of $167.0 million grew 20%, as compared to the prior year period. Affiliate fee revenue increased $19.5 million, as compared to the prior year quarter, primarily attributable to higher affiliation rates. Advertising revenue increased $3.7 million, as compared to the prior year quarter. Other revenue increased $4.3 million, as compared to the prior year quarter, primarily attributable to a short-term programming licensing agreement. AOCF of $65.9 million increased 13% and operating income of $59.5 million increased 15%, both as compared to the prior year quarter. The increase in AOCF and operating income primarily reflects higher revenues, largely offset by an increase in direct operating expenses and, to a lesser extent, an increase in selling, general and administrative expenses.  

MSG Entertainment

For fiscal 2012, MSG Entertainment revenues of $264.0 million decreased 10%, as compared to the prior year. AOCF of $5.3 million increased by $16.8 million and operating loss of $9.3 million improved by $14.7 million, both as compared to the prior year.

For the fiscal fourth quarter, MSG Entertainment revenues of $50.8 million grew 41%, as compared to the prior year period. The increase in revenues was primarily attributable to higher event-related revenues at the Company's New York venues due to an increase in the overall number of events, including promoted events, as well as higher suite rental fee, sponsorship and signage revenues. AOCF loss of $5.3 million improved 55% and operating loss of $8.7 million improved 40%, both as compared to the prior year quarter, primarily due to higher overall revenues, partially offset by an increase in direct operating expenses and, to a lesser extent, an increase in selling, general and administrative expenses.    

MSG Sports

For fiscal 2012, MSG Sports revenues of $464.7 million grew 17%, as compared to the prior year. AOCF of $28.7 million increased by $21.7 million and operating income of $13.1 million increased by $20.3 million, both as compared to the prior year.

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