Madison Square Garden, Inc. Reports Second Quarter 2010 Results
New York, NY (August 6, 2010) - Madison Square Garden, Inc. (NASDAQ: MSG) today reported financial results for the second quarter ended June 30, 2010.
Madison Square Garden's second quarter 2010 revenues increased 9.5% to $227.1 million compared to the prior year period, primarily reflecting an increase in revenue in the company's MSG Media and MSG Entertainment segments. Adjusted operating cash flow ("AOCF")(1) increased 303.7% to $42.4 million and operating income increased $34.5 million to $25.7 million, as compared to the second quarter of 2009. On an overall basis, AOCF and operating income growth were primarily driven by higher MSG Media revenue and lower operating expenses in the MSG Sports segment.
Second quarter net income of $14.0 million ($0.18 per diluted share) increased $17.9 million compared to a loss of $3.9 million (loss of $0.05 per diluted share) in the prior year period. The increase in net income primarily reflects the growth in operating income discussed above.
Madison Square Garden President and CEO Hank Ratner said: "Madison Square Garden's strong second quarter growth is a continued reflection of the integrated approach to our dynamic content, iconic venues and programming distribution platforms. We are enthusiastic about the strategy we have in place and continue to see all three of our business segments as meaningful contributors to our profitability over the long term. In addition, the transformation of Madison Square Garden into a state-of-the-art facility is now underway and we remain confident that the transformed Arena will further enhance our growth profile in the years ahead."
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