Madison Square Garden Co. said Friday that its net income fell 3 percent in its first fiscal quarter as it paid more taxes than it did a year ago. Increased payments from MSG network affiliates helped boost its revenue by 15 percent.
The results beat Wall Street estimates.
The company owns and operates sports teams including the New York Knicks of the NBA and the Rangers of the NHL, the MSG sports and Fuse music television networks, and venues such as Madison Square Garden and Radio City Music Hall in New York City and the Forum in Inglewood, Calif.
In the quarter ended Sept. 30, MSG’s net income slipped to $20.6 million, or 26 cents per share, down from $21.3 million, or 28 cents per share, a year ago. In the year-ago quarter, MSG recorded a large deferred tax benefit that added to its income.
Revenue increased to $204.2 million from $177.6 million.
Most of its revenue growth came from its media division, where the company raised its affiliation rates and received greater payments. The company reported smaller increases in entertainment and sports revenue.
Analysts were expecting MSG to report earnings of 19 cents per share on $204.1 million in revenue, according to FactSet.
The company said its media revenue rose 15 percent to $159.5 million, with most of that growth coming from greater affiliate payments. Entertainment revenue grew to $30.8 million from $27.6 million and sports revenue increased to $31.6 million from $28.8 million,
Its shares rose 8 cents to $41.49 in morning trading Friday. Its shares are near the 52-week high of $44,75 reached on Aug. 24. Its shares fell as low as $24.63 last November.