Madison Square Garden Grows Revenue 6%, Venue Renovations Done and Near-Done

Entertainment and sports business Madison Square Garden (NYSE: MSG  ) today announced financial results for its Q1 2014, with revenue growing 6% compared to where it was this time last year. In its press release, the company said the growth in sales was due to a revenue increase in MSG Sports and MSG Media segments.

MSG Sports grew 21%, partly due to higher revenue from suite rental fees and league distributions, while MSG Media grew 4% because of increasing affiliation fees and advertising revenue. These growths were partially offset by a 4% sales decline in the company's MSG Entertainment division.

While revenues were up this quarter, operating income took a light hit, dropping from $40.1 million to $39.8 million due to higher costs from depreciation and amortization. Quarterly net income, however, rose from $20.6 million to $23.8 million, its profit margin growing from 32% to 36%.

CEO Hank Ratner stated that Q1 2014 represents "the successful conclusion of a significant capital investment cycle and positions our Company for its next chapter." He also said it was a time of celebration, thanks to the recent completion of "a fully transformed Madison Square Garden Arena" and the planned January re-opening of a "reinvented Forum in Inglewood, California."


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2709813, ~/Articles/ArticleHandler.aspx, 9/28/2016 8:01:49 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 10 hours ago Sponsored by:
DOW 18,228.30 133.47 0.74%
S&P 500 2,159.93 13.83 0.64%
NASD 5,305.71 48.22 0.92%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/27/2016 4:02 PM
MSG $170.00 Down -0.62 -0.36%
Madison Square Gar… CAPS Rating: ***