Madison Square Garden Q4 Loss Widens

(RTTNews) - Madison Square Garden Co. (MSG) reported that its net loss for the fourth-quarter widened to $58.42 million or $2.39 per share from $1.12 million or $0.04 per share in the prior year.

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.

Revenues for the quarter dropped to $217.76 million from $254.97 million in the prior year.

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.