NEW YORK (CelebrityAccess MediaWire) — Madison Square Garden posted huge gains in profit in Q4, due in part to sports teachs such as the New York Knicks and New York Rangers making the playoffs as well as a delayed start for the basketball season.
MSG posted a 74% increase in revenue from their sports business, while operating income rose to $16 million from a year-earlier loss of $5 million. In addition to the strong support from sports schedules, MSG also said that higher affiliate revenue in its entertainment business, including a new programming deal with Time Warner was bearing fruit after a seven week blackout of MSG's channels on the cable company's network.
Revenue for MSG's entertainment divisionw as up by 41% in Q4, helping narrow operating losses to $8.7 million from $14.5 million in the previous year. According to MSG, the loss was attributable in part to higher costs.
Profits were up as well, with the company reporting a profit of $28.6 million for the quarter ending June 30th, up from 8.5 million from the previous year.
The company's stock has also seen a strong year and is up by 52% and shares rose 5.6% after the company beat expecations. – CelebrityAccess Staff Writers