NEWS

The Madison Square Garden Company Reports Fiscal 2014 First Quarter Results

First quarter revenues of $215.6 million, a 6% increase compared to prior year first quarter
First quarter AOCF of $65.5 million, a 3% increase compared to prior year first quarter
First quarter operating income of $39.9 million, comparable to prior year first quarter
Fully transformed Madison Square Garden Arena debuted on October 25, 2013

 

New York, NY (November 1, 2013) - The Madison Square Garden Company (NASDAQ: MSG) today reported financial results for the fiscal 2014 first quarter ended September 30, 2013.

Fiscal 2014 first quarter revenues of $215.6 million grew 6%, as compared to the prior year first quarter, primarily due to an increase in revenues in the MSG Media and MSG Sports segments, partially offset by a decrease in revenues in the MSG Entertainment segment.

Fiscal 2014 first quarter adjusted operating cash flow (“AOCF”)(1) of $65.5 million increased 3%, as compared to the prior year first quarter, primarily due to an AOCF increase in the MSG Media and MSG Sports segments, mostly offset by lower results in the MSG Entertainment segment and, to a lesser extent, an increase in unallocated corporate expenses (“Other”)(2). Fiscal 2014 first quarter operating income of $39.9 million was comparable to the prior year first quarter and net income of $23.9 million ($0.31 per diluted share) increased 16%, as compared to the prior year first quarter.

President and CEO Hank Ratner said: “Fiscal 2014 is an important year for our Company as we near the successful conclusion of a significant capital investment cycle and position our Company for its next chapter. In this regard, we recently celebrated the first of two important milestones, with last week’s debut of a fully transformed Madison Square Garden Arena. With the completion of our third and final phase, our customers are now experiencing all of the amenities provided as a result of this unprecedented project, which was designed to benefit everyone who walks through our doors. A second important milestone is just around the corner, as we prepare for the January 2014 re-opening of the reinvented Forum in Inglewood, California. With the successful completion of these historic projects close at hand, we believe our Company is well-positioned to pursue additional opportunities to drive continued growth over the long-term.”

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