NEW YORK, Nov. 04, 2016 (GLOBE NEWSWIRE) — The Madison Square Garden Company (NYSE:MSG) today reported financial results for the first quarter ended September 30, 2016.
On September 30, 2015, The Madison Square Garden Company completed its spin-off from MSG Networks Inc. The fiscal 2017 first 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 2016 first 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 2016 first 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 2016 first 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. Had The Madison Square Garden Company operated as a standalone public company for the fiscal 2016 first quarter, the Company estimates that these expenses would have been higher by approximately $10 million.
On a reported basis for the fiscal 2017 first quarter, the Company generated revenues of $181.7 million, operating loss of $32.8 million, and adjusted operating income of $1.6 million. (1) (2)
President and CEO David O’Connor said, “As we enter our second year as a standalone live sports and entertainment company, we remain focused on delivering the very best in premium live experiences for our customers and partners. In our first quarter, we saw continued evidence that this approach – along with the important steps we took last year to position the Company for growth – is generating positive results. Looking ahead, we remain confident that our efforts will position the Company for attractive long-term growth and asset value creation for our shareholders.”