The MSG Vault Takes Delivery
3rd March, 2006 - 2:01 pm

NewRatings.com - Cablevision Systems (CVC.NYS) has beaten Wall Street forecasts by reporting sizable fourth-quarter profits of $54.1 million.

The Long Island-based cable company owns Madison Square Garden and the New York Knicks .

Cablevision is one of the first cable companies to introduce Internet-based phone service, adding 130,000 new phone subscribers in Q4.

The company's revenues rose 12.5% to $1.49 billion and its Madison Square Garden segment posted a 70.5% y/y rise in its operating income, accompanied by a 13.4% y/y increase in revenues.

The company expects its basic video subscriber base to increase 2%-2.5% by end of 2006.

The news is significant to the company's sports fan customer base as the Knicks suffer through one of their worst seasons on record but continue to add payroll obligations.

Speculation has the team preparing an off-season plan to convert expiring contracts for additional assets and long-term salary commitments. The recent financial success of Cablevision Systems may make such expenditures more likely

A $200MM 10 win team is just around the corner. Get excited Knicks fans.

Posted by Rich:

Just imagine how good their financial outlook would be if they Knicks didn't piss away money, and instead had a team that could reap the revenue from multiple playoff rounds.

just imagine