Madison Square Garden Tops Q3 Expectations

reported stronger-than-expected results for the fiscal third quarter. The New York-based company reported a quarterly profit of $39.7 million, or $0.51 per share, versus a year-ago profit of $19.1 million, or $0.24 per share. Its revenue slipped 2 percent to $449.4 million. However, analysts were expecting a profit of $0.41 per share on revenue of $444.3 million. The average estimate among 6 Estimize users was for earnings of $0.38 per share and revenue of $440.11 million. The company's revenue in entertainment business climbed 17 percent to $61.6 million, while revenue in its sports segment rose 2 percent to $239.1 million. Its revenue at MSG Media dropped 11 percent to $169 million. Its adjusted operating cash flow rose 53 percent year-over-year to $100.4 million. Executive Chairman Jim Dolan said, "The Company's solid fiscal third quarter results reflect the continued strong demand from our customers and partners for our portfolio of media, sports and entertainment assets and brands. We remain focused on ensuring that the Company is well-positioned for long-term success and, with this in mind, are pursuing the spin-off of our sports and entertainment businesses from our media business. We believe this separation, which creates two distinct companies, will build on our ongoing commitment to create shareholder value." The company also announced the resignation of its Chief Financial Officer Sean Creamer. Madison Square Garden shares fell 2.04 percent to close at $80.30 yesterday.