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

MSG Entertainment

For the fiscal second quarter, MSG Entertainment revenues of $151.1 million were essentially flat, as compared to the prior year period. Higher event-related revenues at The Theater at Madison Square Garden and other net increases were offset by lower revenues for the Radio City Christmas Spectacular franchise and lower event-related revenues at the Beacon Theatre.  Lower revenues for the Radio City Christmas Spectacular franchise include a decrease in revenues for the New York production, which was significantly impacted by Hurricane Sandy.  AOCF of $30.0 million decreased 19% and operating income of $26.2 million decreased 20%, both as compared to the prior year quarter, primarily due to an increase in direct operating expenses, which include a $5.0 million impairment charge related to a production of the Radio City Christmas Spectacular that played in three markets outside of New York.    

MSG Sports

For the fiscal second quarter, MSG Sports revenues of $89.9 million increased 1% as compared to the prior year period. Total segment revenues increased primarily due to the Knicks' return to a full regular season schedule, mostly offset by the impact of the NHL work stoppage.  The net impact of these two items resulted in higher league distributions and inter-segment broadcast rights revenue, mostly offset by lower professional sports team food, beverage and merchandise revenues, suite rental fee revenue, and professional sports team preseason and regular season ticket-related revenue. In addition, event-related revenues from other live sporting events decreased, as compared to the prior year quarter. AOCF loss improved by $5.4 million to a loss of $14.5 million and operating loss improved by $5.9 million to a loss of $18.3 million, both as compared to the prior year quarter, primarily due to lower direct operating expenses and, to a lesser extent, higher revenues and lower selling, general and administrative expenses. 

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