(MSGE) – Madison Sq. Backyard Leisure shares rally on fourth quarter gross sales
- Madison Square Garden Entertainment Corp. (NYSE: MSGE) reported fourth quarter FY21 revenue of $ 99.80 million, beating analysts’ consensus of $ 60.20 million. For the fourth quarter of FY20, the company had sales of $ 9.0 million.
- The Tao Group’s hospitality segment had sales of $ 69.7 million compared to $ 1.3 million a year ago. Tao Group Hospitality acquired Hakkasan group on April 27, 2021, and as a result, sales for the current quarter included $ 27.6 million from the Hakkasan Group in the post-acquisition period.
- Entertainment revenue increased 262% to $ 31.1 million year-over-year, reflecting various commercial agreements with MSG Sport.
- Operating expenses increased 59.8% year over year to $ 66.7 million.
- The company posted an operating loss of $ 102.4 million versus an operating profit of $ 94.4 million.
- Madison Square Garden had $ 1.2 billion in cash as of June 30, 2021.
- Loss per share was $ 4.87 compared to earnings per share of $ 5.27 last year.
- “While we continue to operate in a fluid environment, we remain cautiously optimistic as we prepare to meet the pent-up demand for live experiences and, following the acquisition of MSG Networks, move forward with larger size and improved financial flexibility to pursue growth opportunities . ” and create long-term value for shareholders, “said CEO James L. Dolan.
- Madison Square Garden has taken over MSG networks on July 9, 2021.
- Price action: MSGE shares are trading 8.63% at $ 67.82 on the final check Monday.
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