NEW YORK, Nov. 03, 2017 (GLOBE NEWSWIRE) — The Madison Square Garden Company (NYSE:MSG) today reported financial results for the first quarter ended September 30, 2017.
For the fiscal 2018 first quarter, the Company generated revenues of $245.0 million, an increase of 35% as compared with the prior year period. In addition, the Company generated fiscal 2018 first quarter operating loss of $15.7 million and adjusted operating income of $29.0 million, which represent improvements of $17.2 million and $27.4 million, respectively, both as compared to the prior year first quarter. (1) (2)
President and CEO David O’Connor said, “We are pleased with our start to fiscal 2018, as we remain committed to pursuing opportunities to drive both internal and external growth. We continue to attract an increasing number of premium events to our venues and have had early successes that demonstrate the value of a combined MSG and TAO Group offering. The enduring strength of our assets and brands has also led to the recent renewal of several Signature marketing partnerships, as well as a new partnership that includes the Knicks’ first-ever jersey sponsorship. In addition, we continue to build our portfolio of live offerings and see the expansion of our music and entertainment-focused venues as the centerpiece of our growth strategy. As we look ahead, we remain confident that our Company’s singular focus on providing the very best in live experiences positions us to drive long-term growth and value creation for our shareholders.”