Madison Square Garden Sports Corp. Reports Fiscal 2021 Second Quarter Results

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Madison Square Garden Sports Corp. (NYSE: MSGS) reported fiscal Q2 2021 results, revealing a revenue of $28.8 million, down 90% or $264 million year-over-year due to COVID-19 impacts. The company faced an operating loss of $38.4 million, compared to a loss of $0.2 million in the prior year. The New York Knicks played only nine games, while the Rangers had none due to restrictions. President Andrew Lustgarten expressed confidence in a return to normal operations and the company's strong fundamentals.

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Revenue decreased by 90%, down $264 million year-over-year.
Operating loss of $38.4 million compared to a loss of $0.2 million in the prior year.
New York Knicks played only nine games compared to 37 games in the prior year period.
New York Rangers did not play any games during the fiscal quarter.

02/03/2021 - 07:30 AM

Madison Square Garden Sports Corp. (NYSE: MSGS) today reported financial results for the fiscal second quarter ended December 31, 2020.

In the fall, the NBA and NHL successfully completed their 2019-20 seasons. Since then, the NBA announced a 72-game, 2020-21 regular season, which started on December 22, 2020. During the fiscal 2021 second quarter, the New York Knicks’ ("Knicks") played nine pre/regular season games as compared to 37 pre/regular season games in the prior year period. The Knicks’ four home games at Madison Square Garden Arena (“The Garden”) during the fiscal 2021 second quarter were played without fans due to ongoing government-mandated assembly restrictions. The NHL announced a 56-game, 2020-21 regular season, which began on January 13, 2021. As a result, the New York Rangers (“Rangers”) did not play any games during the fiscal 2021 second quarter, as compared to 39 regular season games in the prior year period.

For the fiscal 2021 second quarter, financial results reflect the impact of the COVID-19 pandemic, including the timing of the start of the 2020-21 NBA and NHL regular seasons and fan attendance restrictions at The Garden. As a result, the Company generated revenues of $28.8 million, a decrease of $264.0 million, or 90%, as compared to the prior year period. In addition, the Company reported an operating loss of $38.4 million and an adjusted operating loss of $19.0 million, as compared to an operating loss of $0.2 million and adjusted operating income of $19.0 million in the prior year period.⁽¹⁾⁽²⁾

Madison Square Garden Sports Corp. President and CEO Andrew Lustgarten said, “We are excited to have the Knicks and Rangers competing again and look forward to the time when we can safely welcome fans back to The Garden. As we prepare for a return to normal operations, we remain confident in the fundamentals of our business, the strength of our balance sheet, and that we are well-positioned to create long-term shareholder value.”

Results from Operations

Results for the three and six months ended December 31, 2020 and 2019 are as follows:

Three Months Ended

Six Months Ended

December 31,

Change

December 31,

Change

$ millions

2020

2019

2020

2019

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