This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The Madison Square Garden Company Reports Results For Fiscal 2013 Second Quarter

President and CEO Hank Ratner said: "Our Company delivered strong results in our fiscal second quarter, while navigating through the delayed start of the NHL season and the impact of Hurricane Sandy. The second phase of the Transformation has been enthusiastically received by all of our key customers, including season ticket holders, suite holders and marketing partners, and we now look forward to the successful completion of the final phase of this historic project this upcoming offseason. We remain confident that our Company is well-positioned to drive long-term growth and ongoing value creation for our shareholders."    

Results from Operations

Segment results for the quarters ended December 31, 2012 and 2011 are as follows:

   
  Revenues AOCF Operating Income (Loss)
$ millions F'Q2 2013 F'Q2 2012 % Change F'Q2 2013 F'Q2  2012 % Change F'Q2 2013 F'Q2  2012 % Change
MSG Media $156.8 $142.4 10% $95.6 $63.6 50% $90.2 $53.1 70%
MSG Entertainment 151.1 151.2 (0)% 30.0 37.2 (19)% 26.2 33.0 (20)%
MSG Sports 89.9 88.6 1% (14.5) (19.9) 27% (18.3) (24.2) 24%
Other (includes eliminations) (9.9) (9.2) (7)% (2.9) (1.7) (74)% (17.1) (13.9) (22)%
Total Company $387.9 $373.0 4% $108.3 $79.1 37% $81.0 $48.0 69%
                   
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 below.

MSG Media

For the fiscal second quarter, MSG Media revenues of $156.8 million grew 10%, as compared to the prior year period. Affiliate fee revenue increased $5.2 million, as compared to the prior year quarter, primarily attributable to higher affiliation rates, with the overall increase largely offset by the net impact of recorded provisions that are not expected to be recurring. Advertising revenue increased $5.1 million, as compared to the prior year quarter, primarily due to higher sales generated from professional sports programming, resulting mainly from an increase in the number of Knicks telecasts, partially offset by the absence of NHL telecasts. In addition, Fuse advertising revenue increased, as compared to the prior year quarter. Other net revenues increased $4.1 million, as compared to the prior year quarter, primarily attributable to a short-term programming licensing agreement. AOCF of $95.6 million increased 50% and operating income of $90.2 million increased 70%, both as compared to the prior year quarter, primarily due to lower direct operating expenses and higher revenues.  

2 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,912.11 -70.48 -0.42%
S&P 500 1,969.95 -8.96 -0.45%
NASDAQ 4,442.6980 -2.2110 -0.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs