MSG Networks Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended of December 31, 2017; Provides Tax Rate Guidance for the Calendar Year 2018
For the six months, the company reported revenues of $338,678,000 compared to $329,224,000 a year ago. Operating income was $151,939,000 compared to $155,072,000 a year ago. Income from continuing operations before income taxes was $132,117,000 compared to $136,353,000 a year ago. Income from continuing operations was $196,725,000 compared to $83,616,000 a year ago. Net income was $196,725,000 compared to $83,496,000 a year ago. Diluted net income per share was $2.60 compared to $1.11 a year ago. Adjusted operating income was $164,532,000 compared to $165,279,000 a year ago. Net cash provided by operating activities from continuing operations was $101,972,000 compared to $101,024,000 a year ago. Free cash flow was $101,101,000 compared to $98,702,000 a year ago. Net debt was $1,081,835,000. Capital expenditures were $871,000 compared to $2,242,000 a year ago.
For calendar year 2018, the company expects to get the full benefit of the 21% tax rate in terms of the payments that it generates. The company would expects at least a 20% reduction in cash taxes on a go-forward basis.