• by Wayne Friedman , August 6, 2010

Strong results from its cable network pushed up net income for Madison Square Garden Inc., as well as its early-day stock price. 

Net income for its first reporting second-quarter period as a public company was $14 million -- this against a loss of $3.9 million in the second quarter of 2009. Revenues grew 9.5% to $227.1 million, from $207 million.

MSG Media -- which includes its MSG cable sports network, music channel Fuse, and other local sports channels -- showed $134.5 million in revenue, up from $113.8 million, with net income 70% higher to $56.7 million.

Much of these results came from improved advertising revenues and higher affiliate fees stemming from a long-term contract with Cablevision Systems Corp. Earlier this year, Cablevision spun off MSG Inc. as a separately traded public company.

MSG Inc.'s other units did less well.

MSG Entertainment, which includes venues such as Radio City Music Hall and Madison Square Garden, posted a net loss of $22.8 million, widening its red ink from $16.1 million in the second quarter of 2009. The company said this came from a $9.9 million impairment charge and operating losses related to a live entertainment production.

But the unit did see a rise in revenue -- 14.0% to $46.8 million, primarily from an increase in the number of live entertainment events held at Radio City Music Hall.

MSG Sports, comprised of NBA team the New York Knicks and NHL team the New York Rangers, also had weak results -- with lower revenue of $63.9 million from $68.6 million in the second quarter of 2009. The unit had a net loss of $19.3 million. The company blamed lower revenue on less playoff revenue, as well as fewer big marquee entertainment events, including boxing.

Overall, MSG beat analysts expectations, and this resulted in initial favorable movement for its stock price, rising 4% in mid-day trading to $20.20.