NEW YORK, N.Y., May 8, 2019 – The Madison Square Garden Company (NYSE: MSG) today reported financial results for the fiscal third quarter ended March 31, 2019.
For the fiscal 2019 third quarter, the Company generated revenues of $517.2 million, operating income of $38.5 million and adjusted operating income of $84.1 million.(1)(2) 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 third quarter are not directly comparable to the results for the third quarter of fiscal 2018.(3)
Excluding the impact of ASC Topic 606, fiscal 2019 third quarter revenues would have been $475.8 million, an increase of 4% as compared with the prior year period. In addition, fiscal 2019 third quarter operating income would have decreased by $15.7 million to a loss of $7.4 million and adjusted operating income would have decreased by $11.9 million to $38.2 million, both as compared to the prior year period.(4) Fiscal 2019 third quarter financial results, both including and excluding the impact of ASC Topic 606, reflect $8.3 million in revenue, operating income and adjusted operating income related to prior periods due to the renewal of an agreement with the Company’s key ticketing platform provider.
Executive Chairman and CEO Jim Dolan said, “We remain confident that we are executing on a plan that positions us for long-term growth. This plan includes our MSG Sphere initiative, where we made important progress this past quarter, as well as the proposed spin-off of our sports business, which remains on track to be completed during the second half of this calendar year.