Shares of Madison Square Garden Entertainment (MSGE) rose on Monday afternoon after the company reported fourth quarter-revenue ahead on analyst estimates while also losing more than expected.
The company reported quarterly revenues of $99.8 million with a net loss of $4.87 a share. Analysts were expecting revenue of $71.5 million with a net loss of $3.26 a share.
“Our Company successfully navigated the challenges of this past fiscal year,” James Dolan, the company's executive chairman and CEO said.
The company's quarter was boosted by the return of live events to its performance venues, including the iconic Madison Square Garden in New York City, following the pandemic lockdowns that shuttered its doors.
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The company's entertainment segment generated revenues of $31.1 million, an increase of $22.6 million from the previous year's quarter, including $3.3 million in revenues from food and beverage sales during New York Knicks and New York Rangers games.
Administrative expenses for the entire company increased 9% year-over-year to $83 million
“We remain cautiously optimistic as we prepare to meet the pent-up demand for live experiences and, after the MSG Networks acquisition, move forward with greater scale and enhanced financial flexibility,” Dolan said.
In March, MSG Networks, which owned MSG TV network, the network that broadcasts games for the NBA's New York Knicks and NHL's New York Rangers franchises, agreed to be reacquired by Madison Square Garden Entertainment.
The Knicks and Rangers franchises are owned by a separate entity, Madison Square Garden Sports (MSGS) – Get Report and is also owned and operated by Dolan.