Company News

NEW YORK, Nov. 08, 2019 (GLOBE NEWSWIRE) — The Madison Square Garden Company (NYSE: MSG) today reported financial results for the fiscal first quarter ended September 30, 2019.

For the fiscal 2020 first quarter, the Company generated revenues of $214.8 million, a decrease of 2% as compared to the prior year quarter.  The Company also generated an operating loss of $89.3 million and an adjusted operating loss of $41.1 million, as compared to an operating loss of $50.8 million and an adjusted operating loss of $9.9 million for the first quarter of fiscal 2019.(1)(2)  This was primarily due to higher expenses in Corporate and Other, mainly the result of increased employee compensation related to Corporate and the Company’s MSG Sphere initiative, as well as additional expenses in MSG Sphere-related content development and technology.  In addition, results for the MSG Sports segment include a significant charge related to a player waiver recorded during the fiscal 2020 first quarter.

Executive Chairman and CEO James L. Dolan said, “We expect fiscal 2020 to be a defining year as we move forward with our proposed spin-off and plans for MSG Sphere in Las Vegas.  We firmly believe the separation of our sports and entertainment businesses would better highlight the unique value of our assets and brands, while enabling both new companies to pursue their own distinct business plan.  In addition, we are continuing to make significant progress on the construction of MSG Sphere in Las Vegas.  We remain confident that we are executing on a strategy that positions our Company for long-term growth and value creation for shareholders.”

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