MSG Profit Rises 11%

Despite a host of concerns that could have driven revenue south, Madison Square Garden announced that first fiscal quarter profit rose 11 percent.

MSG cited growth in its cable networks as a key component. Its flagship venue has been shuttered for renovations, and the company is dealing with the NBA lockout.

The arena refurbishing effort led to a 28 percent drop in revenue in entertainment business and 22 percent drop in sports. The entertainment division was buoyed by revenue at MSG’s Radio City Music Hall and Beacon Theatre.

MSG Network and Fuse reported revenue of 4 percent.

“We successfully managed our business through the offseason shutdown of the Garden,” MSG chief executive Hank Ratner said.

MSG reported a profit of $21.3 million compared with $19.3 million a year earlier. Revenue decreased 7 percent.

Ratner acknowledged that the NBA lockout means the company needs to find entertainment events to fill the dark nights, but noted MSG Entertainment will go a long way toward achieving it.

MSG changed its fiscal year to end June 30. Its current fiscal year covers July 1, 2011 through June 30, 2012.