The Madison Square Garden Company (MSG) saw its loss widen to $28.63 million, or $1.19 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.60 million, or $0.06 a share.
Revenue during the quarter grew 20.82 percent to $181.70 million from $150.38 million in the previous year period. Gross margin for the quarter contracted 1387 basis points over the previous year period to 38.68 percent. Operating margin for the quarter stood at negative 18.08 percent as compared to a negative 3.04 percent for the previous year period.
Operating loss for the quarter was $32.84 million, compared with an operating loss of $4.58 million in the previous year period.
However, the adjusted operating income for the quarter stood at $1.62 million compared to $23.77 million in the prior year period. At the same time, adjusted operating margin contracted 1491 basis points in the quarter to 0.89 percent from 15.81 percent in the last year period.
President and chief executive officer David O'Connor said, "As we enter our second year as a standalone live sports and entertainment company, we remain focused on delivering the very best in premium live experiences for our customers and partners. In our first quarter, we saw continued evidence that this approach - along with the important steps we took last year to position the Company for growth - is generating positive results. Looking ahead, we remain confident that our efforts will position the Company for attractive long-term growth and asset value creation for our shareholders."
Operating cash flow remains negative
The Madison Square Garden Company has spent $21.65 million cash to meet operating activities during the quarter as against cash outgo of $1.75 million in the last year period.
The company has spent $48.54 million cash to meet investing activities during the quarter as against cash outgo of $70.61 million in the last year period.
The company has spent $80.04 million cash to carry out financing activities during the quarter as against cash inflow of $1,525.24 million in the last year period.
Cash and cash equivalents stood at $1,294.08 million as on Sep. 30, 2016, down 11.79 percent or $173.01 million from $1,467.09 million on Sep. 30, 2015.
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