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Madison Square Garden Inc. Reports Operating Results (10-Q)

November 02, 2012 | About:
10qk

10qk

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Madison Square Garden Inc. (MSG) filed Quarterly Report for the period ended 2012-09-30.

Madison Square Garden Co has a market cap of $3.06 billion; its shares were traded at around $41.45 with a P/E ratio of 29.4 and P/S ratio of 2.4.

Highlight of Business Operations:

The decrease in other expenses was primarily driven by the impact of changes made by the Company to include approximately $1,085 of certain non-capitalized Transformation sales-related and other expenses in our business segment results that were previously not allocated. We believe that these costs are more appropriately reflected in our business segment results of operations. MSG Sports' results of operations for the three months ended September 30, 2012 reflect approximately $860 of these costs. The decrease in other expenses also reflects higher share-based compensation expense of $92, which was not allocated to the Company's segments.

AOCF for the three months ended September 30, 2012 increased $12,888, or 20%, to $76,704 as compared to the comparable period of the prior year primarily driven by an increase in revenues partially offset by higher direct operating and selling, general and administrative expenses, as discussed above.

AOCF loss for the three months ended September 30, 2012 improved $1,233, or 9%, to a loss of $12,559 as compared to the comparable period of the prior year primarily attributable to an increase in revenues, largely offset by higher selling, general and administrative and direct operating expenses, as discussed above.

Selling, general and administrative expenses for the three months ended September 30, 2012 increased $4,642, or 21%, to $26,399 as compared to the comparable period of the prior year. This increase is primarily attributable to higher employee compensation and related benefits, including separation-related costs, and certain non-capitalized Transformation sales-related and other expenses that were not included in MSG Sports' results in the comparable period of the prior year.

The decrease resulting from changes in assets and liabilities was primarily due to (i) a decrease during the three months ended September 30, 2012 in accounts payable of $17,907 as compared to an increase of $1,913 during the comparable period of the prior year, and (ii) an increase during the three months ended September 30, 2012 in accounts receivable of $5,787 as compared to a decrease of $1,292 during the comparable period of the prior year. These items were significantly offset by (i) an increase during the three months ended September 30, 2012 in deferred revenue of $112,616 as compared to an increase of $92,927 during the comparable period of the prior year and (ii) an increase during the three months ended September 30, 2012 in prepaid expenses and other assets of $40,019 as compared to an increase of $42,243 during the comparable period of the prior year.

Read the The complete Report

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