Manchester United Reports Third-Quarter Loss

Manchester United PLC MANU posted a loss in the fiscal third quarter on Thursday. For the year, Manchester United projects sales of GBP385 million to GBP395 million, versus analysts' estimates of GBP391 million. The company expects FY15 EBITDA of £103 to £110 million, versus earlier outlook of £90 to £95 million. Manchester United posted a quarterly loss of GBP2.9 million, or GBP1.75 per share, versus a year-ago profit of GBP11 million, or GBP6.66 per share. Excluding special items, the company posted a loss of GBP4.34 versus a profit of GBP7.93. Its revenue declined to GBP95 million from GBP115.5 million. The company's broadcasting revenue dropped 39% to GBP21.7 million, while matchday revenue declined 31.3% to GBP25.5 million. Commercial revenue rose 11.7% to GBP47.8 million in the quarter. Total operating expenses for the third quarter rose 8.2 percent to £99.0 million. Ed Woodward, Executive Vice Chairman said, "As the season approaches its conclusion, we are pleased with the team's performance in Louis van Gaal's first season as manager and are well positioned to achieve a top four finish in the Premier League and to return to European football next year. As we look forward to next season, on the playing side we expect to be challenging for trophies in all competitions and on the commercial side we are excited by the numerous opportunities for further growth, including the first year of our ten year partnership with adidas. " Manchester United shares closed at $15.57 yesterday.