Madison Square Garden Second-Quarter Profit Drops 39% Among Restoration

NEW You are able to - The Madison Square Garden Co., controlled through the Dolan family, reported a lesser second-quarter profit on Friday as slightly greater revenue was offset by greater expenses in certain areas, such for team personnel transactions as well as for depreciation because of a restoration from the Monosodium glutamate arena. The shutdown of Monosodium glutamate and also the Theater at Madison Square Garden because of the restoration, referred to as Transformation project, began in mid-April. The organization stated Friday the arena will re-open at the end of October. Second-quarter revenue at the organization rose 3 % to $233.9 million, but earnings rejected 39 percent from $14. million to $8.5 million. The Monosodium glutamate Sports unit, including the NY Knicks basketball and NY Rangers hockey teams, saw revenue rise 18 percent within the latest quarter because of greater 2010 nfl playoffs revenue, however the unit thrown for an operating loss. The organization reported "greater direct operating expenses, together with a $5.5 million rise in expenses for several team personnel transactions" like a reason. The Monosodium glutamate Media unit increased revenue 3.8 percent as TV network advertising and affiliate fee revenue rose, but operating profit fell 9 % among elevated costs. Meanwhile, Monosodium glutamate Entertainment saw a 23 percent revenue drop, but simplified its operating loss by 36 percent. The revenue fell because of the restoration, but tha harsh truth enhanced because of "the lack of operating deficits incurred within the prior year period associated with a co-production and enhanced event-related results in the Beacon Theatre," the organization stated. "We accomplished these results even while the Madison Square Garden Arena and also the Theater at Madison Square Garden were not available for almost all the 2nd quarter," Madison Square Garden leader and Boss Hank Ratner stated."The Transformation project remains on schedule, using the Garden likely to re-open at the end of October.Our Transformation sales initiatives still progress well and that we remain certain that the project will generate significant growth for the company." Email: Georg.Szalai@thr.com Twitter: @georgszalai Related Subjects