The Madison Square Garden Company Reports Fiscal 2020 First Quarter Results
MADISON SQUARE GARDEN CO NEW (MSG)
Last madison square garden co new earnings: 2/7 07:00 am
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Source: GlobeNewswire
NEW YORK, Nov. 08, 2019 (GLOBE NEWSWIRE) -- The Madison Square Garden Company (NYSE: MSG) today reported financial results for the fiscal first quarter ended September 30, 2019. For the fiscal 2020 first quarter, the Company generated revenues of $214.8 million, a decrease of 2% as compared to the prior year quarter. The Company also generated an operating loss of $89.3 million and an adjusted operating loss of $41.1 million, as compared to an operating loss of $50.8 million and an adjusted operating loss of $9.9 million for the first quarter of fiscal 2019.(1)(2) This was primarily due to higher expenses in Corporate and Other, mainly the result of increased employee compensation related to Corporate and the Company's MSG Sphere initiative, as well as additional expenses in MSG Sphere-related content development and technology. In addition, results for the MSG Sports segment include a significant charge related to a player waiver recorded during the fiscal 2020 first quarter.
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