Successful completion of spin-off from MSG Networks Inc.
20 year media rights agreements for New York Knicks and Rangers with MSG Networks Inc.
Cash balance of $1.47 billion as of September 30, 2015
Board authorization to repurchase up to $525 million of Class A common stock
Strong revenue, AOCF and operating income growth for the first quarter versus the prior year period
NEW YORK, Nov. 5, 2015 (GLOBE NEWSWIRE) — The Madison Square Garden Company (NYSE:MSG) today reported financial results for the first quarter ended September 30, 2015.
On September 30, 2015, the spin-off of The Madison Square Garden Company from MSG Networks Inc. was completed. As a result, total company reported financial results for both the fiscal 2016 and 2015 first quarter are presented as the combined results of the sports and entertainment businesses, which had been consolidated with MSG Networks Inc. prior to the completion of the spin-off.
Please note that both periods presented reflect the allocation of corporate and administrative costs based on accounting requirements for the preparation of carve-out financial statements. The allocated corporate and administrative costs in these results do not reflect the level of expenses that the Company expects to incur in future periods. Had The Madison Square Garden Company operated as a standalone public company for the fiscal 2016 first quarter, the Company estimates that these expenses would have been higher by approximately $10 million.
On a reported basis, fiscal 2016 first quarter revenues of $150.4 million grew 26%, adjusted operating cash flow (“AOCF”)(1) of $23.8 million increased by $22.0 million, and operating loss of $4.6 million improved by $30.5 million, all as compared to the prior year quarter.
President and CEO David O’Connor said, “With the completion of our spin-off, MSG begins its next historic chapter as a new, publicly traded company focused on live sports and entertainment. This transaction highlights the value of our unique assets and brands and sets the stage for future growth by providing the company with the strategic flexibility to continue delivering exceptional live experiences for our fans and partners, while exploring new and innovative ways to build upon our celebrated legacy.”