Madison Square Garden Reports a Loss

Madison Square Garden Co. reported a fourth quarter net loss of $58.4 million, or $2.39 per share, compared with a loss of $1.1 million, or 4 cents per share, for the same period last year. The FactSet consensus was for a loss of 91 cents per share. Revenue totaled $217.8 million, down from $255 million and missing the FactSet consensus of $219 million. MSG Entertainment had revenue of $84 million, down 10% year over year primarily due to lower revenues for the annual production of the New York Spectacular Starring the Radio City Rockettes, which had fewer scheduled performances. MSG Sports revenue was down 17% to $133.5 million, primarily due to lower playoff-related revenue. Madison Square Garden shares are inactive in Friday premarket trading, but up 16.3% for the year so far. The S&P 500 Index is up 7% for the year to date.