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The Madison Square Garden's CEO Discusses F4Q12 Results - Earnings Call Transcript

Following the discussion of the company's financial results, we will open the call for questions. If you do not have a copy of today's earnings release, it is available on the Investor's section of our website at themadisonsquaregardencompany.com.

Please take a note of the following: Today’s discussion may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the company and its business, operations, financial condition and the industry in which it operates and the factors described in the company’s filings Securities and Exchange Commission, including the sections entitled Risk Factors and Management’s Discussion and Analysis of financial condition and results of operations contained therein. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call.

Let me point out that on page five of today's earnings release, we provided consolidated operations data and a reconciliation of adjusted operating cash flow or AOCF to operating income.

I would now like to introduce, Hank Ratner, President and CEO of The Madison Square Garden Company.

Hank Ratner

Thank you, Ari. Our company delivered record adjusted operating cash flow for fiscal 2012, as we continue to benefit from the ongoing strength of our fully integrated Media, Entertainment and Sports business.

On a full-year basis, total company AOCF of approximately $283 million increased 36% versus the prior year driven by improved financial results in all three of our business segments. We delivered this level of AOCF for the year despite a shortened 66 game regular season for the New York Knicks, a prolonged affiliate dispute with Time Warner Cable and the off season shutdown of the Garden and The Theater at Madison Square Garden as part of the transformation project.

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