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

Stocks in this article: MSG

Third quarter revenues of $412.4 million, a 3% increase compared to prior year quarter

Third quarter AOCF of $91.7 million, a 14% increase compared to prior year quarter

Third quarter operating income of $63.8 million, up 20% versus prior year quarter

NEW YORK, May 3, 2013 (GLOBE NEWSWIRE) -- The Madison Square Garden Company (Nasdaq:MSG) today reported financial results for the fiscal third quarter ended March 31, 2013.

Fiscal 2013 third quarter revenues of $412.4 million grew 3%, as compared to the prior year quarter, primarily due to an increase in revenues in the MSG Media segment, partially offset by a decrease in revenues in the MSG Sports segment. Adjusted operating cash flow ("AOCF") (1) of $91.7 million increased 14%, as compared to the prior year quarter, primarily due to an increase in AOCF in the MSG Media segment, partially offset by a decrease in AOCF in the MSG Sports segment. Fiscal 2013 third quarter operating income of $63.8 million grew 20% and net income of $38.4 million ($0.49 per diluted share) increased 24%, both as compared to the prior year quarter.

Results for the fiscal 2013 third quarter were impacted by the shortened NHL regular season as a result of the NHL work stoppage, which delayed the start of the 2012-13 regular season by approximately three months to January 19, 2013 and led to a shortened 48-game regular season. As a result, the New York Rangers (as well as other NHL teams whose games are telecast on MSG Networks) played fewer regular season home and away games during the fiscal 2013 third quarter as compared to the prior year quarter.

In addition, the comparability of fiscal 2013 third quarter results to the prior year quarter was impacted by last year's NBA work stoppage, which resulted in a shortened 66-game 2011-12 regular season, with those games primarily taking place in the fiscal 2012 third quarter. As a result of last year's compressed regular season schedule, the New York Knicks played fewer regular season home and away games during the fiscal 2013 third quarter as compared to the prior year quarter.

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