Full-year 2013 revenue ticked up by 11 percent
MGM Holdings, the parent company of Metro-Goldwyn-Mayer Inc., reported lower revenue and income for the fourth quarter if 2013, but higher revenue for the year overall.
For the full year 2013, MGM Holdings was up 11 percent in revenue — with $1.53 billion — from a strong 2012. Net income is down 5 percent, from $129.1 million to $122.1 million. But excluding one-time asset divestitures, it's up by $60 million, or 97 percent year-over-year.
Adjusted EBITDA, meanwhile, was up 15 percent for the year to $328,886 million. (EBITDA reflects net income before interest, taxes, depreciation, and amortization is factored in.)
The company reported fourth-quarter revenue of $463.7 million on Wednesday and net income of $12.2 million. Both numbers are down from the fourth-quarter of 2012, when revenue was $902.6 million and income was $40.2 million.
“To top the groundbreaking year we had in 2012 is truly an incredible achievement,” said MGM chairman and chief executive officer Gary Barber.”Growth in revenue and profitability was above our expectations and our operating income of $202 million is higher than any known or reported amount in MGM's 90 year history.”
Also read: Starz Earnings Rise on Subscriber Growth
The company attributed 2013 revenue growth to strong performance for “Skyfall” and “The Hobbit: An Unexpected Journey,” as well as the international theatrical release of “The Hobbit: The Desolation of Smaug” in Q4. In addition, revenue increased over 2012 due to contributions from the balance of its 2013 film slate, including “Hansel & Gretel: Witch Hunters,” and “G.I. Joe: Retaliation,” plus ongoing revenue from the success of “21 Jump Street.”
It also touted a 2014 film slate including “22 Jump Street,” “Hercules,” “If I Stay,” the sequel to “Hot Tub Time Machine,” and the third film in “The Hobbit” trilogy, “The Hobbit: There and Back Again.”
On the TV side, it boasted strong performances from “Vikings” and “Teen Wolf.”