The Madison Square Garden Company reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, revenues were $412,406,000 against $400,451,000 last year. Adjusted operating cash flow (AOCF) was $91,739,000 compared to $80,230,000 in the prior year period. Operating income before depreciation and amortization was $86,781,000 against $75,859,000 last year. Operating income was $63,786,000 against $53,323,000 last year. Income from operations before income taxes was $65,966,000 against $58,825,000 last year. Net income was $38,449,000 or $0.49 per diluted share against $31,075,000 or $0.40 per diluted share last year. The increase in Revenue was primarily due to an increase in revenues in the MSG Media segment, partially offset by a decrease in revenues in the MSG Sports segment. The increase in adjusted operating cash flow was primarily due to an increase in AOCF in the MSG Media segment, partially offset by a decrease in AOCF in the MSG Sports segment. For the nine months, revenues were $1,004,458,000 against $951,097,000 last year. Adjusted operating cash flow (AOCF) was $263,336,000 compared to $205,453,000 in the prior year period. Operating income before depreciation and amortization was $249,438,000 against $190,636,000 last year. Operating income was $184,999,000 against $127,642,000 last year. Income from operations before income taxes was $184,867,000 against $130,631,000 last year. Net income was $105,965,000 or $1.36 per diluted share against $77,982,000 or $1.01 per diluted share last year. Net cash provided by operating activities was $180,762,000 against $235,567,000 a year ago.

MSG Sports reported unaudited earnings results for the third quarter and nine months ended March 31, 2013. For the fiscal third quarter, the company reported revenues of $208.1 million, against $216.131 million, decreased 4% as compared to the prior year period. Total segment revenues were negatively impacted by the New York Rangers' shortened regular season due to the NHL work stoppage. In addition, the comparability of segment revenues to the prior year quarter was impacted by the New York Knicks' compressed regular season schedule in the prior year quarter as a result of the NBA work stoppage. Adjusted operating cash flow decreased by $17.7 million to $11.6 million from $29.316 million for the last year. Operating income decreased by $17.2 million to $8.1 million, compared to $25.381 million for the prior year quarter, primarily due to higher direct operating expenses and lower revenues. For the nine months, the company reported revenue of $329.547 million, compared to $333.567 million for the last year. Adjusted operating cash flow loss was $1.374 million, compared to adjusted operating cash flow of $8.933 million. Operating loss was $12.279 million, compared to $2.949 million for the prior year period.

The Madison Square Garden Company, Q3 2013 Earnings Call, May 03, 2013