Stock Monitor: Cinedigm Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 15, 2017 / Active-Investors free earnings report on The Madison Square Garden Co. (NYSE: MSG) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=MSG. The Company posted its financial results on November 02, 2017, for the first quarter fiscal 2018. The sports and entertainment holding Company’s revenue and EPS surpassed analysts’ expectations. Register today and get free access to our complimentary member’s area where many more reports are available:
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Earnings Highlights and Summary
For three months ended September 30, 2017, Madison Square’s revenues increased 35% to $245.05 million from $181.70 million in Q1 FY17. The Company’s revenue surpassed analysts’ expectations of $235.05 million.
During Q1 FY18, Madison Square’s gross profit increased 8.8% to $121.31 million from $70.3 million in the same period last year. For the reported quarter, the Company’s gross margin increased 1080 basis points to 49.5% of revenue from 38.7% of revenue in the first quarter of last year.
During Q1 FY18, Madison Square’s operating loss was $15.65 million compared to operating loss of $32.84 million in the same period last year. During Q1 FY18, the Company’s adjusted operating income was $28.99 million compared to $1.62 million in the same period last year. For the reported quarter, the Company’s adjusted operating margin was 11.8% of revenue compared to 0.9% of revenue in the first quarter of last year.
During Q1 FY18, Madison Square’s earnings before tax (EBT) was negative $10.10 million compared to negative $31.85 million in the same period last year.
For the reported quarter, Madison Square’s net loss was $11.11 million compared to net loss of $28.63 million in Q1 FY17. During Q1 FY18, the Company’s diluted EPS was negative $0.47 compared to negative $1.19 in the same period last year. Diluted EPS surpassed analysts’ expectations of negative $0.65.
Madison Square’s Segment Details
MSG Entertainment – During Q1 FY18, the MSG Entertainment segment’s revenue increased 48% to $164.14 million from $110.70 million in the same period last year. The increase was due to the inclusion of operating results for TAO Group and higher overall event-related revenues at the Company’s venues. For the reported quarter, the segment operating income was $9.70 million compared to operating loss of $7.06 million in Q1 FY17. For the reported quarter, the segment adjusted operating income was $17.77 million compared to adjusted operating loss of $1.06 million in Q1 FY17.
MSG Sports – During Q1 FY18, the MSG Sports segment’s revenue increased 14% to $80.93 million from $71.0 million in the same period last year. The increase was primarily due to higher league distributions, professional sports teams’ pre-season ticket-related revenue and local media rights fees from MSG Networks Inc. For the reported quarter, the segment’s operating income increased 111% to $19.69 million from $9.32 million in Q1 FY17. For the reported quarter, the segment adjusted operating income increased 68% to $25.83 million from $15.42 million in Q1 FY17. The increase in operating income and adjusted operating income was due to the increase in revenues and lower direct operating expenses.
As on September 30, 2017, Madison Square’s cash and cash equivalents decreased 6% to $1.16 billion from $1.24 billion on December 31, 2016. For the reported quarter, the Company’s long-term debt, net of deferred financing costs decreased 0.4% to $104.99 million from $105.43 million in Q4 FY16.
For the reported quarter, the Company’s net accounts receivable decreased 6.2% to $95.81 million from $102.09 million in Q1 FY17. For the reported quarter, the Company’s accounts payable decreased 17.8% to $19.79 million from $24.08 million in Q1 FY17.
During Q1 FY18, the Company’s cash provided by operating activities was negative $32.36 million compared to negative $21.65 million in the same period last year.
On November 20, 2017, the Company acquired Obscura, a creative studio, globally-recognized for its work in designing and developing next-generation immersive experiences.
Stock Performance Snapshot
December 14, 2017 – At Thursday’s closing bell, The Madison Square Garden’s stock slightly fell 0.46%, ending the trading session at $209.87.
Volume traded for the day: 169.55 thousand shares.
Stock performance in the last six-month period – up 7.49%; past twelve-month period – up 20.68%; and year-to-date – up 22.37%
After yesterday’s close, The Madison Square Garden’s market cap was at $4.91 billion.
The stock is part of the Services sector, categorized under the Entertainment – Diversified industry.
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