MGM posts $35.9-million profit for second quarter
MGM Holdings Inc., the parent of Metro-Goldwyn-Mayer Inc., reported net income of $35.9 million for its fiscal second quarter ending June 30.
The Beverly Hills-based film and television company’s revenue rose dramatically -- by 164% -- to $339 million.
Net income was down 16% from the $42.6-million profit the company posted for the same quarter a year earlier. However, that 2012 figure includes a one-time gain related to an asset sale.
Excluding that gain, which came from the sale of Latin American pay-television assets to Chellomedia, MGM’s net income was up $30 million.
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“I continue to be very pleased with our strong performance to date in 2013 and look forward to the year ahead,†Chairman and Chief Executive Gary Barber said in a statement.
MGM, producer of last year’s “Skyfall†and “The Hobbit: An Unexpected Journey,†is privately held. However, the company filed a draft registration statement for an initial public offering with the Securities and Exchange Commission in July 2012.
The company’s second film in the J.R.R. Tolkien series, “The Hobbit: The Desolation of Smaug,†is scheduled to be released by Warner Bros. on Dec. 13. Among MGM’s films slated to open in 2014 are a “RoboCop†reboot and “22 Jump Street,†a sequel to “21 Jump Street.â€
MGM emerged from bankruptcy in December 2010.
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