Company News

NEW YORK, May 06, 2016 (GLOBE NEWSWIRE) — The Madison Square Garden Company (NYSE:MSG) today reported financial results for the third quarter ended March 31, 2016.  

On September 30, 2015, The Madison Square Garden Company completed its spin-off from MSG Networks Inc.  The fiscal 2016 third quarter reflects the Company’s financial results on a standalone basis, including the Company’s actual corporate general and administrative costs.

Reported results for the fiscal 2015 third quarter are presented as the combined results of the sports and entertainment businesses, which, prior to the completion of the spin-off, had been consolidated with MSG Networks Inc.  Please note that results for the fiscal 2015 third quarter reflect the allocation of corporate general and administrative costs based on accounting requirements for the preparation of carve-out financial statements.  As a result, fiscal 2015 third quarter results do not reflect all of the actual expenses that the Company would have incurred had it been a standalone public company for that quarter.  

On a reported basis for the fiscal 2016 third quarter, the Company generated revenues of $336.3 million, adjusted operating cash flow loss (“AOCF”)(1) of $23.8 million, and operating loss of $56.9 million.  Excluding the impact of a $41.8 million non-cash write-off recorded during the quarter, adjusted operating cash flow would have been $18.1 million, an increase of 8%, and operating loss would have been $15.1 million, an increase of $5.5 million, both as compared to the prior year period.

President and CEO David O’Connor said, “We are pleased with our continued success in creating exceptional live experiences for our fans and partners.  Looking ahead, we remain focused on delivering excellence across our operations and see ample opportunities to continue to grow our live sports and entertainment businesses, all with the goal of creating meaningful long-term asset value for our Company and shareholders.”

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