NEW YORK, Nov. 01, 2018 (GLOBE NEWSWIRE) — The Madison Square Garden Company (NYSE: MSG) today reported financial results for the first quarter ended September 30, 2018.
Effective July 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (ASC Topic 606), the new accounting standard for revenue recognition. The most significant impact of ASC Topic 606 in fiscal 2019 is a change in the timing of when certain Company revenue streams are recognized during the fiscal year. Prior period results have not been restated to reflect the adoption of ASC Topic 606 and, therefore, the Company’s consolidated and segment results for the fiscal 2019 first quarter are not directly comparable to the results for the first quarter of fiscal 2018.
On a reported basis, for the fiscal 2019 first quarter, the Company generated revenues of $218.1 million, operating loss of $50.8 million and adjusted operating loss of $9.9 million.(1)(2)
Excluding the impact of ASC Topic 606, fiscal 2019 first quarter revenues would have been $258.4 million, an increase of 5% as compared with the prior year period. In addition, fiscal 2019 first quarter operating loss would have been $15.3 million, an increase of 5%, and adjusted operating income would have been $25.6 million, a decrease of 15%, both as compared to the prior year period.(3)
Executive Chairman and CEO Jim Dolan said, “For fiscal 2019, we are focused on delivering another year of solid operational performance, while we continue to move forward with our Company’s next chapter, our MSG Sphere initiative. At the same time, we are making important progress on our proposed plans to separate our sports and entertainment businesses – a transaction we believe would position both new companies for long-term growth and value creation.”