madison square garden co-a (MSG) Key Developments
Madison Square Garden Mulls Sale Of WNBA Liberty
Dec 22 14
The Madison Square Garden Company (NasdaqGS:MSG) executives are looking to either move or sell the WNBA New York Liberty professional women's basketball team, according to The New York Post's Page Six, citing sources.
The Madison Square Garden Company Names Andrew Lustgarten as Executive Vice President of Corporate Development and Strategy, Effective November 18, 2014
Nov 11 14
The Madison Square Garden Company announced that Andrew Lustgarten, has been named executive vice president, corporate development and strategy, effective November 18, 2014. Mr. Lustgarten joins the Company after seven years at the NBA. In this role, Mr. Lustgarten will work closely with the executive management team to identify and develop strategic business opportunities and partnerships that continue to drive the overall advancement of the company. He will be responsible for developing both internal and external opportunities that further enhance the Company's key growth initiatives, maintaining key industry and strategic alliances, and overseeing the Company's involvement in new strategic transactions. In addition, Mr. Lustgarten will be responsible for identifying emerging technologies and market trends that benefit the Company and its shareholders.
Prior to joining the NBA, Lustgarten held various positions, including vice president, finance at Cablevision Systems Corporation, and as a financial analyst in the Media and Entertainment Investment Banking Group of Bear Stearns & Co.
The Madison Square Garden Company Appoints Scott Henry as Executive Vice President and Chief Technology Officer
Nov 3 14
The Madison Square Garden Company announced that Scott Henry, a well-regarded executive with more than two decades of experience in creating technology solutions to drive business needs, has been named executive vice president and chief technology officer, effective immediately. Mr. Henry joins the company from Nielsen Audio (formerly known as Arbitron), where he served as executive vice president and chief information officer. In this role, Mr. Henry will work with MSG's executive team on the ongoing evolution of the company's strategic vision by assisting with critical objectives related to software development, engineering and technology. This includes collaborating with the company's businesses to help them ensure they have the infrastructure and technology framework they need to support their goals. Mr. Henry will also be responsible for exploring strategic partnerships that help ensure MSG is maximizing the value of its technology and capital investments. In addition, he will oversee all of the Company's enterprise systems, mobile devices and collection of consumer-facing Web sites. Prior to joining Arbitron in 2005, he held senior executive positions with several high-technology companies, including E5 Systems, Vitria Technology and TalkingNets.
MSG Sports Announces Unaudited Earnings Results for First Quarter Ended September 30, 2014
Oct 31 14
MSG Sports announced unaudited earnings results for first quarter ended September 30, 2014. For the quarter, the company reported revenues of $53.50 million, adjusted operating cash flow of $7.60 million, operating loss of $6.40 million compared to the revenues of $38.20 million, adjusted operating cash flow of $2.90 million, operating loss of $0.40 million for the same quarter a year ago. The increase in Revenue was primarily due to higher suite rental fee revenue, professional sports team pre/regular season ticket-related revenue, event-related revenues from other live sporting events and professional sports team sponsorship and signage revenues. AOCF increased primarily due to the increase in revenues, partially offset by an increase in selling, general and administrative expenses and, to a lesser extent, an increase in direct operating expenses. Operating loss increased, primarily due to an increase in depreciation and amortization expense and selling, general and administrative expenses and, to a lesser extent, an increase in direct operating expenses, partially offset by the increase in revenues.
The Madison Square Garden Company Announces Unaudited Consolidated Earnings Results for First Quarter Ended September 30, 2014
Oct 31 14
The Madison Square Garden Company announced unaudited consolidated earnings results for first quarter ended September 30, 2014. For the quarter, the company reported revenues of 241,740,000, operating income of 197,350,000, income from operations before income taxes of 194,733,000, net income of 108,073,000 or 1.38 per diluted share, adjusted operating cash flow of 76,154,000, net cash provided by operating activities of 15,963,000 compared to the revenues of 215,585,000, operating income of 39,863,000, income from operations before income taxes of 38,581,000, net income of 23,868,000 or 0.31 per diluted share, adjusted operating cash flow of 65,500,000, net cash provided by operating activities of 79,995,000 for the same quarter a year ago. MSG Media generated $142.7 million in revenue, a decrease of 14%, which primarily reflects the absence of absence of Fuse. First quarter media AOCF of $81.1 million decreased approximately $400,000 as the reduction in revenue.