Madison Square Garden Earnings: Profits Rise like Carmelo Anthony
Madison Square Garden, Inc. (NASDAQ:MSG) reported its results for the first quarter. Madison Square Garden, Inc is a fully-integrated sports, entertainment and media business comprised of dynamic and powerful brands.
Madison Square Garden Earnings Cheat Sheet for the First Quarter
Results: Net income for the entertainment company rose to $19.1 million (25 cents/share) vs. $17.4 million (23 cents/share) in the same quarter a year earlier. A rise of 9.8% from the year earlier quarter.
Revenue: Rose 7.8% to $330.4 million YoY.
Actual vs. Wall St. Expectations: MSG fell short of the mean analyst estimate of 26 cents/share. Estimates ranged from 23 cents per share to 33 cents per share.
Quoting Management: President and CEO Hank Ratner said: “We are pleased with our start to 2011, as we continued to deliver solid revenue and AOCF growth, reflecting the operating momentum of our unique sports franchises, world renowned venues and valuable programming networks. We have begun the first phase of the Arena Transformation project and look forward to debuting the transformed lower bowl of the Madison Square Garden Arena in the fall. As our sales initiatives are progressing, we remain confident that the Arena Transformation project will generate meaningful incremental revenues and AOCF for our company.”
Competitors to Watch: Rentrak Corporation (NASDAQ:RENT), Image Entertainment, Inc. (DISK), Discovery Communications Inc. (NASDAQ:DISCA), Odyssey Pictures Corp. (OPIX), Bona Film Group Ltd (NASDAQ:BONA), CBS Corporation (NYSE:CBS), Liberty Media Corp (NASDAQ:LINTA), The Walt Disney Company (NYSE:DIS), and Scorpio East Holdings Ltd. (SEHL)
Stock Performance: Shares of MSG are up 1.1% from the previous close of $26.56.