The Madison Square Garden Company Reports Fiscal 2017 Third Quarter Results
Fiscal 2017 third quarter revenue of $386.0 million, an increase of 15% versus the prior year quarter
Fiscal 2017 third quarter operating income of $6.7 million, an increase of $63.6 million versus the prior year quarter
Fiscal 2017 third quarter AOI of $43.6 million, an increase of $67.4 million versus the prior year quarter
NEW YORK, May 04, 2017 (GLOBE NEWSWIRE) — The Madison Square Garden Company (NYSE:MSG) today reported financial results for the third quarter ended March 31, 2017.
For the fiscal 2017 third quarter, the Company generated revenues of $386.0 million, an increase of 15% as compared with the prior year period. In addition, the Company generated fiscal 2017 third quarter operating income of $6.7 million and adjusted operating income of $43.6 million, which represent increases of $63.6 million and $67.4 million, respectively, both as compared to the prior year third quarter. (1) (2) (3)
Please note that the fiscal 2017 third quarter included $15.5 million in non-recurring NHL expansion fee revenue, and the year-ago quarter included a $41.8 million write-off of deferred production costs.
President and CEO David O’Connor said, “For the fiscal 2017 third quarter, we again generated strong top-line and adjusted operating income growth as we continued to more efficiently and effectively harness the strength of our live sports and entertainment assets and brands. This quarter was highlighted by our ongoing success in attracting an increasing number of premium live entertainment events to our venues, as well as solid organic growth across virtually every other area of our business, from sponsorship and signage to media rights. We are pleased with how fiscal 2017 is unfolding and remain confident that the Company is well positioned to drive attractive long-term growth for our shareholders.”