MGM Posts Strong Gains in Q1

BEVERLY HILLS: Off the back of Skyfall and The Hobbit, MGM posted first-quarter revenues of $481.7 million, more than double the amount posted in the year-ago period.

The studio reported a net income of $57.4 million for the period, up from $23.3 million last year. Highlights included theatrical revenues for Skyfall and The Hobbit: An Unexpected Journey, plus home-entertainment revenues from Skyfall and James Bond library titles.

MGM posted worldwide theatrical revenues of $139.5 million and home-entertainment revenues of $201.7 million, both up on the year-ago period. Worldwide television licensing revenues, however, dropped slightly to $109.3 million. Other revenue from film and television content was $12.1 million. The studio also made $19.1 million from its branded channels, licensing, merchandising and music performance revenues. This was down from $29.6 million last year, largely as a result of the studio offloading much of its MGM Networks global business.