The Madison Square Garden Co., owner of the AHL’s Connecticut Whale, New York Knicks and the NHL Rangers and other media-entertainment assets, posted a 9.8 percent gain in first-quarter net income on higher revenues from ticket sales, advertising and fees from affiliates.
MSG said Friday it earned $19.1 million, or 25 cents a share, in the three months ended March 31, up from $17.4 million, or 23 cents a share, earned the same quarter last year.
First-quarter revenues rose 7.8 percent to $330.4 million vs. $306.5 million a year ago.
Financial improvement at MSG Entertainment, one of three key business units, had the biggest impact on the parent’s operating income in the quarter.
That unit currently leases and manages New York City’s Radio City Music Hall and the city’s entertainment mecca Madison Square Garden arena, where an $850 million renovation is underway.
MSG Sports also benefited from increased ticket sales following the Knicks’ February pickup of former Denver Nuggets superstar Carmelo Anthony, who helped lead the New York franchise to its first NBA playoff berth in seven years. The Knicks lost in the first round.
