Following a discussion of the company's financial results, we'll 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 four of today's earnings release, we provide 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 J. Ratner Thank you, Ari. Our company’s positive operating momentum continues in it‘s fiscal third quarter highlighted by an increasing total adjusted operating cash flow of 46%. Reflecting on our year-to-date performance despite a shortened 66 game regular season for the New York Knicks, a prolonged dispute with Time Warner Cable, and an off season shut down of the Madison Square Garden arena as part of the transformation project, we have generated over $200 million in total AOCF over the first nine months of our fiscal year of 23% year-over-year increase. Our ability to deliver this level of growth is a testament to the breadth and strength of our assets and brands and the value we provide to customers and partners.
Turning to our business segments, MSG Sports delivered its most profitable quarter in our 2-year history as a public company. The segment is realizing financial benefits as a result of the new products and amenities we are providing as part of the first phase of the arena transformation project.With respect to our professional sports franchises, the New York Rangers recently completed one of the most successful regular seasons in the team's history finishing first in the Eastern Conference, led by coach John Tortorella and all stars Henrik Lundqvist, Marian Gaborik and Dan Girardi. The Rangers defeated the Ottawa Senators in the first round of the playoffs and are currently up two games to one against the Washington Capitals in the Eastern Conference Semifinals after Wednesday night’s triple overtime victory. The New York Knicks advanced the NBA playoffs for the second consecutive year led by Carmelo Anthony, Amare Stoudemire, and the emergence of Jeremy Lin as well as Tyson Chandler who this week became the first Knick player in team’s history to be voted the NBA defensive player of the year. The Knicks are currently in round one of the playoffs against the Miami Heat with game four taking place at the garden on Sunday. We also recently announced that Glen Grunwald has been named Executive Vice President and General Manager. Glenn and his staff have done a tremendous job acquiring key players such as Chandler Lynn, [Steven Elvik] are confident that Glen will continue to play a significant role in the future success of the next franchise. Turning to our media business, despite the absence of revenues from Time Warner Cable for approximately half of the quarter, MSG media revenues and AOCF increased on a year-over-year basis reflection of the segments strong fundamentals of both the affiliate and advertising fronts. Our regional sports networks which have broadcasted over 700 live sporting events over the past 12 months continued to benefit from strong consumer interest in our content. Read the rest of this transcript for free on seekingalpha.com