NEW YORK (CelebrityAccess MediaWire) — Madison Square Garden Entertainment (MSGE) posted their quarterly financial results, listing a loss for their first fiscal quarter of 2012.
According to the company's SEC filing, MSGE revenue for the quarter came in at $27.6 million down by 27.7%, as compared to the prior year period. The company said that the decline was was primarily attributable to lower event-related revenues at The Garden, reflecting the scheduled offseason shutdown of The Garden for the venue's overhaul, and the absence of a co-production, with the overall decrease partially offset by higher revenues at Radio City Music Hall and the Beacon Theatre.
Fiscal 2012 first quarter adjusted operating cash flow (AOCF) of $46.1 million increased 9.0% as compared to the same period in the prior year, primarily reflecting an AOCF increase in the MSG Media segment, partially offset by AOCF decreases in the MSG Entertainment and MSG Sports segments. Operating income of $26.4 million increased 0.4% and net income of $21.3 million ($0.28 per diluted share) increased 10.5%, both as compared to the prior year period. Cash and cash equivalents as of September 30, 2011 totaled $228.6 million.
"We generated solid AOCF growth in the first quarter of our new fiscal year, as we successfully managed our business through the offseason shutdown of The Garden and the Theater at Madison Square Garden. We re-opened The Garden on schedule in late October and are pleased with the progress we have made on all fronts with respect to the Transformation project. We remain focused on our company's business objectives and are confident in our ability to drive long-term growth," said MSG President and CEO Hank Ratner. – CelebrityAccess Staff Writers
