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Jun 30, 2020
MSG Sports Q4 2020 Earnings Report
MSG Sports reported Q4 2020 results impacted by the COVID-19 pandemic, with negative revenues due to the suspension of NBA and NHL seasons.
Key Takeaways
Madison Square Garden Sports Corp. reported negative revenues of $7.0 million for the fiscal 2020 fourth quarter, primarily due to the suspension of the NBA and NHL regular seasons. The company had an operating loss of $44.9 million and an adjusted operating loss of $33.6 million for the quarter.
Revenues for the quarter were negative $7.0 million, a decrease of $75.1 million compared to the prior year.
Operating loss for the quarter was $44.9 million, a decrease of 20% compared to the prior year.
Adjusted operating loss for the quarter was $33.6 million, a decrease of 12% compared to the prior year.
As of June 30, 2020, the Company had $293 million of liquidity.
MSG Sports
MSG Sports
Forward Guidance
The company implemented cost-reduction measures designed to preserve cash until the Company is able to fully resume operations, including workforce reductions, limits on third-party vendor use and additional cuts to discretionary spending.