Net income up $30 million barring one-time asset sale
Metro-Goldwyn-Mayer saw revenue climb more than 160 percent to $339 million during the second quarter of 2013 on hits "G.I. Joe: Retaliation" and the success of TV shows like "Vikings" and "Teen Wolf."
However, net income for the period fell 15.7 percent to $35.9 million. The studio said that drop was attributable to the sale last year of its Latin American pay television stations.
Without that one-time asset sale, net income was up more than $30 million. Adjusted EBITDA more than doubled for the period to $79 million.
“I continue to be very pleased with our strong performance to date in 2013 and look forward to the year ahead," MGM’s Chairman and Chief Executive Officer Gary Barber said in a statement.
The strong earnings come after a quarter that saw no new film releases debut in theaters. However, the company continued to see profits from home entertainment sales and international television deals for hits like "Skyfall" and "The Hobbit: An Unexpected Journey" that opened last year.
Moreover, the bulk of "G.I. Joe"s' box office take came from the three-month period ending in June, although it debuted at the end of March.
Looking ahead, MGM will release "Carrie," with Sony’s Screen Gems in October and “The Hobbit: The Desolation of Smaug,” with New Line Cinema and Warner Bros. in December. In 2014, it plans to release a sequel to "21 Jump Street" and a reboot of "RoboCop" and has several small screen projects in the works including a limited-series order for a TV show based on the movie “Fargo.”
The company, which emerged from bankruptcy in 2010, is privately owned, but has been releasing its financial results since it exited Chapter 11 protections. It has flirted with going public.
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