NEW YORK, Feb. 07, 2020 (GLOBE NEWSWIRE) — The Madison Square Garden Company (NYSE: MSG) today reported financial results for the fiscal second quarter ended December 31, 2019.
For the fiscal 2020 second quarter, the Company generated revenues of $628.8 million, a decrease of 1% as compared to the prior year quarter. The Company also generated operating income of $80.8 million, an increase of 3%, and adjusted operating income of $126.9 million, a decrease of 3%, both as compared to the prior year quarter.(1)(2) This primarily reflects growth at both the MSG Sports and MSG Entertainment segments, offset by higher expenses in Corporate and Other, mainly the result of the MSG Sphere initiative and the proposed spin-off of the Company’s Entertainment business, partially offset by a decrease in employee compensation and related benefits in Corporate.
Executive Chairman and CEO James L. Dolan said, “We are making significant progress in readying our Company for its next chapter as the proposed spin-off of our Entertainment business nears completion and MSG Sphere in Las Vegas continues to take shape. We remain confident that the execution of these strategic priorities, coupled with the ongoing strength of our underlying businesses, will set the stage for continued growth and long-term value creation for our shareholders.”