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01-17-2005, 06:35 PM
  #1
Fletch
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Join Date: Feb 2002
Location: Brooklyn
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Still confused about Cablevision filings...

sorry to beat a dead horse, but this is exactly why I don't trust the owners. $224 million's the loss number that's been bantered around. The Rangers represent approximately $40 million. OK, then why does Cablevision, in its recent quarterly filing with the SEC, state this:

'We can give no assurance as to when this labor dispute will be resolved and therefore can not determine the extent to which our operating results will be negatively impacted. We do not expect the lockout to have a significant impact on the Company’s consolidated operating results, however if the entire season were cancelled, the effect on the operating results of the Madison Square Garden segment would be significant.' If you lost $40 million, not having to pay $80 million in salaries would likely theoretically lower your loss and positively impact your results when compared to prior years. There are administrative expenses, against which there are no revenues, but they cannot be too significant given the bulk of expenses are player personnel costs.

Obviously I don't have all the pieces, but on the surface I don't trust the numbers.

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