Madison Square Garden Earnings Cheat Sheet: Profit Goes South

The Madison Square Garden Company (NASDAQ:MSG) reported its results for the second quarter. Madison Square Garden, Inc is a fully-integrated sports, entertainment and media business comprised of dynamic and powerful brands.

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The Madison Square Garden Company Earnings Cheat Sheet for the Second Quarter

Results: Net income for The Madison Square Garden Company fell to $8.5 million (11 cents per share) vs. $14 million (18 cents per share) a year earlier. This is a decline of 39.1% from the year earlier quarter.

Revenue: Rose 3% to $233.9 million from the year earlier quarter.

Actual vs. Wall St. Expectations: MSG fell short of the mean analyst estimate of 12 cents per share. It beat the average revenue estimate of $214.3 million.

Quoting Management: President and CEO Hank Ratner said: “Both our second quarter and six month 2011 transition period results reflect continued revenue growth and solid overall AOCF, with a strong cash position at period-end. We achieved these results even as the Madison Square Garden Arena and the Theater at Madison Square Garden were unavailable for the majority of the second quarter. The Transformation project remains on schedule, with the Garden expected to re-open in late October. Our Transformation sales initiatives continue to progress well and we remain confident that the project will generate meaningful growth for our company.”

Key Stats:

The company fell short of estimates last quarter after beating the mark the quarter before with net income of 25 cents versus a mean estimate of net income of 24 cents per share.

Competitors to Watch: Rentrak Corporation (NASDAQ:RENT), Discovery Communications Inc. (NASDAQ:DISCA), Bona Film Group Ltd (NASDAQ:BONA), CBS Corporation (NYSE:CBS), Liberty Media Corp (NASDAQ:LINTA), The Walt Disney Company (NYSE:DIS).

Investing Insights: Steve Jobs Prepares to Deliver a New Catalyst for Apple’s Stock.

(Source: Xignite Financials)

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