Madison Square Garden Announce Mass Profits
By Community | August 24, 2012
Entertainment company Madison Square Garden Co, drugs announced major profits over the last nine months, due in part to increased play-off ticket sales.
Net income for the company who own the New York Knicks and Rangers, tripled to US$28.6 million, or 37 cents a share, from US$8.53 million, or 11 cents a share.
Sales also increased by 42 per cent, up to US$332.9 million, up until 30 June.
National Hockey League (NHL) side The Rangers, hosted 11 play-off home games whilst National Basketball Association (NBA) side the Knicks hosted two before losing to the Miami Heat.
Thanks to these play-off games, MSG’s sports department increased to US$131.2, or 74 per cent.
The company, who is best known for Madison Square Garden Arena, rose 10.5 per cent in market pre-trade on Friday 24 August.
The on-going Arena Transformation project has also helped boost the company’s funds, with the project entering its first phase.
Madison Square Garden Arena is in the midst of a three-year “transformation” project, which will include the arena’s lower bowl, floor and locker rooms renovated.
Shares of the New York-headquartered company had already surpassed 41 per cent this year, which was thanks to a new contract earned with Time Warner Cable (TWC).
Media sales for MSG advanced by 20 per cent up to US$167 million in the fourth quarter.