Madison Square Garden Beats Profit, Revenue Estimates

Madison Square Garden Co. said Friday it had net income of $39.7 million, or 51 cents a share, in its fiscal third quarter, up from $19.1 million, or 24 cents a share, in the year-earlier period. Revenue fell to $449.4 million from $458.9 million. The FactSet consensus was for EPS of 42 cents and revenue of $444 million. "We remain focused on ensuring that the company is well-positioned for long-term success and, with this in mind, are pursuing the spin-off of our sports and entertainment businesses from our media business," Chief Executive Jim Dolan said in a statement. The company also said that Chief Financial Officer Sean Creamer is resigning, effective May 4. Donna Coleman has been named interim CFO while the company conducts a search for Creamer's successor. Shares were not yet active in premarket trade, but are up 6.7% in the year so far, outperforming the S&P 500 which is up 1.3%.