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Nov. 8, 2019, 7:49 a.m. EST

Madison Square Garden reports wider loss, surprise decline in revenue

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By Tomi Kilgore

Madison Square Garden Co. /zigman2/quotes/203292767/composite MSG +0.33% reported Friday a fiscal first-quarter loss that widened more than expected as revenue surprisingly declined. The net loss for the quarter to Sept. 30 was $80.0 million, or $3.36 a share, after a loss of $32.2 million, or $1.36 a share, in the same period a year ago, given higher employee expenses and other costs related to the MSG Sphere initiative. The FactSet consensus was for a per-share loss of $2.31. Revenue fell to $214.8 million from $218.1 million, while the FactSet consensus was for an increase to $227.5 million. MSG Entertainment revenue fell 2.5% to $159.0 million, below the FactSet consensus of $172.1 million, and MSG Sports revenue grew 1.1% to $56.0 million to miss expectations of $57.4 million. "We expect fiscal 2020 to be a defining year as we move forward with our proposed spin-off and plans for MSG Sphere in Las Vegas," said Chief Executive James Dolan. "We firmly believe the separation of our sports and entertainment businesses would better highlight the unique value of our assets and brands, while enabling both new companies to pursue their own distinct business plan." The stock, which rose 0.9% in light premarket trading, has lost 5.6% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.51% has gained 5.0%.

/zigman2/quotes/203292767/composite
US : U.S.: NYSE
$ 206.86
+0.69 +0.33%
Volume: 477,905
April 3, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.96 billion
Rev. per Employee
$139,137
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/zigman2/quotes/210599714/realtime
US : S&P US
2,488.65
-38.25 -1.51%
Volume: 3.59B
April 3, 2020 5:10p
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