MSG Profit Falls

Associated Press
8:18 am, Wednesday, 08/20/2014
News

The Madison Square Garden Co. on Wednesday reported profit of $11.6 million in its fiscal fourth quarter.

Photo: AP Photo

The $1 billion in improvements include luxury suites, premium seating and two bridges above the seating bowl.

On a per-share basis, the New York-based company said it had net income of 15 cents.

The results fell short of Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.

The media company and sports team owner posted revenue of $371.7 million in the period, topping Street forecasts. Analysts expected $347.1 million, according to Zacks.

MSG shares have increased 9 percent since the beginning of the year. The stock has risen 10 percent in the last 12 months.