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More on MSG Networks Q2 results

Feb. 05, 2019 9:47 AM ETMSG Networks Inc. (MSGN) StockBy: Pranav Ghumatkar, SA News Editor
  • MSG Networks (NYSE:MSGN +0.9%) reports Q2 revenue growth of 6.5% Y/Y to $192.9M.
  • Operating margin declined 108 bps to 40.6% and Adj. operating margin too declined 122 bps to 44.5%.
  • But direct operating expenses grew 3% Y/Y to $81.5M amid higher rights fees, mainly a result of annual contractual rate increases.
  • SG&A expenses rose 29% Y/Y to $31.3M due to higher advertising and marketing costs, employee compensation and related benefits.
  • “We delivered solid second quarter results, highlighted by increases in both affiliate and advertising revenues.  Looking ahead, we remain focused on capitalizing on our unique live content to create long-term shareholder value." said President and CEO Andrea Greenberg.
  • Cash and equivalents were down to $174.6M from June $205.3M.
  • Net debt of $909.1M; Leverage ratio of 2.7x.
  • Previously: MSG Networks misses by $0.07, beats on revenue (Feb. 5)

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