Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Connected Government
- Consolidating Mission-critical Systems
- Constituent Servicing
- Continuous Monitoring: Tools and Techniques for Trustworthy Government IT
- The Data Privacy Imperative: Safeguarding Sensitive Data
- Eliminating the Pitfalls: Steps to Virtualization in Government
- Federal Executive Forum
- Federal Tech Talk
- Government Cloud Brokerage: Who, What, When, Where, Why?
- Government Mobility
- Mission-critical Apps in the Cloud
- Mobile Device Management
- The Modern Federal Threat Landscape
- The Path from Legacy Systems
- Understanding the Intersection of Customer Service and Security in the Cloud
Shows & Panels
MGM studio 3Q revenue up on TV sales
Friday - 11/15/2013, 10:40am EST
LOS ANGELES (AP) -- MGM Holdings Inc., parent of Metro-Goldwyn-Mayer, the movie studio that is bankrolling half of the production of "The Hobbit" movies, benefited from a bump in TV licensing revenue during its third quarter.
The privately held company, which emerged from bankruptcy protection in December 2010, did not shed new light in a conference call with investors Thursday on the potential for going public, according to spokeswoman Susie Arons. The company had filed confidential securities documents in July 2012 ahead of a possible initial public offering of stock.
Net income in the three months through Sept. 30 fell 29 percent, to $16.6 million from $23.4 million a year ago. However, last year's results were boosted by a one-time $48.5 million gain from the sale of some MGM international TV channels.
An adjusted profit measure that excludes interest, taxes, depreciation and amortization more than doubled to $64.4 million.
Sales grew 43 percent to $242.9 million, mainly because of higher TV licensing revenue and home entertainment revenue from "Skyfall" and "The Hobbit: An Unexpected Journey" as well as from licensing the TV series "Vikings" and "Teen Wolf."
The second movie in the "Hobbit" trilogy, "The Hobbit: The Desolation of Smaug," is being released in mid-December. "An Unexpected Journey" grossed more than $1 billion worldwide.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.