The Madison Square Garden Company Reports Results for Fiscal 2013 Second Quarter
Second quarter revenues of $387.9 million, a 4% increase compared to prior year quarter
Second quarter AOCF of $108.3 million, a 37% increase compared to prior year quarter
Second quarter operating income of $81.0 million, up 69% versus prior year quarter
New York, NY (February 6, 2013) - The Madison Square Garden Company (NASDAQ: MSG) today reported financial results for the fiscal second quarter ended December 31, 2012.
Fiscal 2013 second quarter revenues of $387.9 million grew 4%, as compared to the prior year quarter, primarily due to an increase in revenues in the MSG Media segment. Adjusted operating cash flow ("AOCF")(1) of $108.3 million increased 37%, as compared to the prior year quarter, primarily due to an increase in AOCF in the MSG Media segment and improved AOCF results in the MSG Sports segment, partially offset by a decrease in AOCF in the MSG Entertainment segment. Fiscal 2013 second quarter operating income of $81.0 million grew 69% and net income of $46.9 million ($0.60 per diluted share) increased 83%, both as compared to the prior year quarter.
Results for the fiscal 2013 second quarter were impacted by the NHL work stoppage and the New York Knicks' return to a full regular season schedule. The NHL work stoppage delayed the start of the 2012-13 regular season by approximately three months to January 19, 2013 and has led to a shortened 48-game regular season. As a result of the work stoppage, the New York Rangers did not play preseason or regular season games in the fiscal 2013 second quarter versus playing a combined 38 home and away games in the fiscal 2012 second quarter.
The New York Knicks played a combined 36 preseason and regular season home and away games during the fiscal 2013 second quarter. During the prior year quarter, the NBA work stoppage delayed the start of the 2011-12 regular season by approximately two months to December 25, 2011 resulting in the Knicks only playing a combined six preseason and regular season home and away games in the fiscal 2012 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."
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