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ITT PROFITS UP 13% FOR FIRST QUARTER; MSG DEAL NOT INCLUDED
Published April 20, 1995
ITT Corp., owner of Madison Square Garden, the Knicks and the Rangers, posted a first quarter profits increase of 13%. Although the company's $1.09B acquisition of MSG was not completed in time to be included in first quarter results, the company's profit gains were led by "double-digit percentage gains from it's manufacturing, hotel and entertainment operations" (Paul Tharp, N.Y. POST, 4/20). According to this morning's WALL STREET JOURNAL, the company is "in the midst of an ambitious restructuring that analysts say will lead to the company being split into three separate companies," based on divisions of insurance, manufacturing and entertainment. Sources say that ITT is "likely to take such a step by midyear" (WALL STREET JOURNAL, 4/20).