James Bond and Bilbo Baggins helped Metro Goldwyn Mayer kick off 2013 on a high note.
Home entertainment and theatrical revenue from "Skyfall" and "The Hobbit" drove net income to $57.4 million for the first three months of the year. That represented a 150.7 percent increase from $23.3 million in the same period last year.
Revenues were $481.7 million; up more than 168.4 percent from $179.5 million in the same quarter in 2012.
"MGM is in a strong position strategically and financially," CEO Gary Barber said on a conference call with shareholders. "Our first quarter was very important for positioning us for a strong 2013."
The company, which emerged from bankruptcy in 2010, is privately held. However, since exiting Chapter 11 protection, it has been publicly releasing its financial results and allowing media to...