NEW YORK, N.Y., November 9, 2020 – Madison Square Garden Sports Corp. (NYSE: MSGS) today reported financial results for the fiscal first quarter ended September 30, 2020.
Results for the fiscal 2021 first quarter reflect the impact of the COVID-19 pandemic. After suspending the 2019-20 seasons in March 2020, the NHL and NBA subsequently resumed play during the summer and successfully completed their postseasons in September and October 2020, respectively. While the New York Knicks (the “Knicks”) were not part of the NBA’s re-start in Orlando, the New York Rangers (the “Rangers”) were part of the NHL’s return, participating in the Stanley Cup Qualifiers. The Company’s fiscal 2021 first quarter financial results include the recognition of the remaining balance of national media right fees related to the 2019-20 NBA and NHL seasons.
For the fiscal 2021 first quarter, the Company generated revenues of $57.0 million, an increase of $7.2 million, or 14%, as compared to the prior year period. In addition, the Company reported an operating loss of $27.4 million, an improvement of $31.9 million, or 54%, and an adjusted operating loss of $17.8 million, an improvement of $22.9 million, or 56%, both as compared to the prior year period.(1)(2)
In addition, the Company recently completed a $600 million debt refinancing, enhancing its financial flexibility through an extended maturity schedule and an increase in borrowing capacity. The Company’s new and amended longer-term credit facilities deliver a $250 million expansion in available borrowing capacity, replacing $215 million in short-term credit facilities that have been terminated.
Madison Square Garden Sports Corp. President and CEO Andrew Lustgarten said, “We look forward to the start of the 2020-21 NBA and NHL seasons and are excited about the future, which includes new leadership for the Knicks and the addition of the number one overall draft pick for the Rangers. As we continue to navigate through this period of uncertainty, we have recently taken steps to strengthen our balance sheet and remain confident that we are uniquely positioned to create long-term value for our shareholders.”