The Madison Square Garden Company Reports Fourth Quarter and Fiscal 2017 Results
NEW YORK, Aug. 17, 2017 (GLOBE NEWSWIRE) — The Madison Square Garden Company (NYSE:MSG) today reported financial results for the fourth quarter and fiscal year ended June 30, 2017.
On a reported basis for fiscal 2017, the Company generated revenues of over $1.3 billion, an operating loss of $60.4 million and adjusted operating income (“AOI”) of $97.6 million.(1)(2)(3) Please note that fiscal 2017 revenues include $30.5 million in non-recurring NHL and NBA distributions, while fiscal 2017 operating loss and adjusted operating income results also include the impact of these league distributions, as well as $42.3 million in net provisions for team personnel transactions and a $33.6 million non-cash write-off.
On a reported basis for the fiscal 2017 fourth quarter, the Company generated revenues of $305.6 million, an operating loss of $92.5 million and adjusted operating loss of $43.6 million. Please note that fiscal 2017 fourth quarter revenues include $15.0 million in non-recurring NHL and NBA distributions, while fiscal 2017 fourth quarter operating loss and adjusted operating loss results also include the impact of these league distributions, as well as $35.2 million in net provisions for team personnel transactions and the non-cash write-off discussed above.
President and CEO David O’Connor said, “Our efforts to more efficiently and effectively harness the strength of our sports and entertainment assets and brands led to numerous operational successes in fiscal 2017. Notable highlights include an increase in the utilization of our venues and growth across most of the Company’s key revenue lines, which drove strong underlying financial results for the year. We also took the successful first steps in expanding our portfolio of live offerings with our investments in TAO Group and Boston Calling Events, two complementary businesses with meaningful growth potential. Looking ahead, we remain confident that as a pure-play provider of live sports and entertainment experiences, we are uniquely positioned to generate attractive long-term growth and asset value creation for our shareholders.”