Big post-season tickets sales efforts for the New York Knicks and New York Rangers -- as well as higher advertising and affiliate revenue -- helped Madison Square Garden Co. gain strong fiscal
fourth-quarter results. And it helped shoot up its stock by over 6% during midday Friday trading.
Fiscal fourth quarter-revenue jumped 42% to $332.9 million with profits that more than tripled to $28.6 million, which were 50% higher than analysts' estimates.
Higher advertising and affiliate fees at its MSG Media unit, which contains its cable networks, grew 20% to $167 million. Affiliate fee revenue increased $19.5 million; advertising revenue climbed $3.7 million.
Just looking at its sports properties, MSG revenue rocketed 74% to $131 million as a result of more home post-season Knicks and Rangers games. The Rangers, in particular, made it deep into the playoffs.
MSG also witnessed stronger results from its entertainment division -- a 41% increase to $50.8 million in sales from events and renting luxury suites.
Hank Ratner, president and CEO of MSG, stated: "Our company had an impressive year as the ongoing strength of our fully integrated media, entertainment and sports business drove record AOCF [Adjusted Operating Cash Flow] for fiscal 2012."
Midday Friday trading saw MSG stock up 5.4% to $42.44 a share. MSG was spun off from cable operator Cablevision Systems Corp. in 2010.