NEW YORK, Aug. 19, 2016 (GLOBE NEWSWIRE) — The Madison Square Garden Company (NYSE:MSG) today reported financial results for the fourth quarter and fiscal year ended June 30, 2016.
On September 30, 2015, The Madison Square Garden Company completed its spin-off from MSG Networks Inc. The fiscal 2016 fourth quarter and nine months ended June 30, 2016 reflect the Company’s financial results on a standalone basis, including the Company’s actual corporate general and administrative costs.
Reported results for fiscal 2015 and the fiscal 2016 first quarter reflect 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 these periods reflect the allocation of corporate general and administrative costs based on accounting requirements for the preparation of carve-out financial statements. As a result, results for fiscal 2015 and the fiscal 2016 first quarter do not reflect all of the actual expenses that the Company would have incurred had it been a standalone public company for those periods.
On a reported basis for fiscal 2016, the Company generated revenues of approximately $1.1 billion, operating loss of $58.6 million and adjusted operating cash flow (“AOCF”) (1) of $68.3 million. Excluding the impact of a $41.8 million non-cash write-off recorded during the fiscal 2016 third quarter and $6.9 million in reorganization costs recorded during the fiscal 2016 fourth quarter, fiscal 2016 operating loss would have been $10.0 million and AOCF would have been $117.0 million.
On a reported basis for the fiscal 2016 fourth quarter, the Company generated revenues of $217.8 million, operating loss of $46.2 million and AOCF loss of $13.8 million. Excluding the impact of $6.9 million in reorganization costs recorded during the fiscal 2016 fourth quarter, operating loss would have been $39.3 million and AOCF loss would have been $6.9 million.
President and CEO David O’Connor said, “At the time of our spin-off last September, we laid out a plan on how we would grow our new standalone live sports and entertainment company, and are pleased with the significant progress we’ve made on executing that strategy. We took significant steps to strengthen our position in live experiences through our investment in Boston Calling Events and our announced plans to expand into Las Vegas, where similar to the Forum, we think we can successfully fill a need by building a groundbreaking venue focused on music and entertainment. As we look ahead, we are excited about the company’s future and remain confident that we have ample opportunities, both organic and external, to drive attractive long-term growth for our company.”