Madison Square Garden's (NYSE:MSG) fiscal 2014 third quarter financial results were greeted with great disappointment from its shareholders as the company's share price tumbled nearly 7 percent in just a few days.
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While Q3 revenues did increase 11 percent to $459 million, operating income and net income dropped 57 and 50 percent respectively when compared to fiscal 2013 Q3. Adjusted Operating Cash Flow (AOCF) also declined in all three of MSG's business segments, with a total decrease of 28 percent to $65.7 million.
The company narrative is to place blame on delays to a new theatrical production called "Heart and Lights," featuring the Rockettes. However, this is not an acceptable justification as MSG's Entertainment segment...
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