MGM Swings To Q4 Profit With Help From ‘Skyfall’ And ‘The Hobbit’
MGM Will Have To Disclose Additional Info Following 2012 Film Successes
When you look at the numbers for the end of 2011 and 2012, you’d almost think they’re from two different companies. In the last three months of 2012 MGM generated net income of $40.2M, up from an $11.3M loss a year ago, on revenues of $902.6M, +561%. Privately held MGM will release more detailed information about the quarter tomorrow. But the statement out today notes that the company revenues for the entire year rose 97.4% to $1.38B with worldwide theatrical up $661M — largely due to the year-end success of Skyfall and The Hobbit: An Unexpected Journey. “With back-to-back films each grossing worldwide box office in excess of $1B, MGM now has two of the top 15 films in box office history,” CEO Gary Barber says. Television licensing revenue was up 6.2% to $395M and home entertainment revenue was up $1M to $195M. There were no new home entertainment releases, but MGM says that the operation generated $96M in Q4 with strong results from its James Bond 50th anniversary promotions.