NEW YORK (CelebrityAccess) — The Madison Square Garden Company reported strong revenue growth but still saw a net loss for the first fiscal quarter of 2018.
For the fiscal 2018 first quarter, MSG chalked up revenues of $245.0 million, an increase of 35% as compared to the same period in the prior year.
At the same time, the company generated an operating loss of $15.7 million and adjusted operating income of $29.0 million, which represent improvements of $17.2 million and $27.4 million, respectively, both as compared to the prior year first quarter.
Revenue at MSG Entertainment was up for the quarter as well, with the company posting revenue of $164.1 million for their entertainment division, an increase of 48%. MSG attributed the revenue primarily to the inclusion of operating results for nightclub operator TAO Group to a lesser extent, higher overall event-related revenues at the MSG's venues.
MSG reported operating income for their entertainment division as $9.7 million, an increase from last year's first quarter loss of $16.8 million and adjusted operating income of $17.8, up from a loss of $1.1 million in Q1 2017.
MSG President and CEO David O’Connor said: “We are pleased with our start to fiscal 2018, as we remain committed to pursuing opportunities to drive both internal and external growth. We continue to attract an increasing number of premium events to our venues and have had early successes that demonstrate the value of a combined MSG and TAO Group offering. The enduring strength of our assets and brands has also led to the recent renewal of several Signature marketing partnerships, as well as a new partnership that includes the Knicks' first-ever jersey sponsorship. In addition, we continue to build our portfolio of live offerings and see the expansion of our music and entertainment-focused venues as the centerpiece of our growth strategy. As we look ahead, we remain confident that our Company's singular focus on providing the very best in live experiences positions us to drive long-term growth and value creation for our shareholders.”