MGM Reports Q2 Growth With Help From ‘Hobbit’ And ‘Skyfall’

The privately held studio says that revenues were up across all of its core businesses, but singled out contributions from the international release of home videos for The Hobbit: An Unexpected Journey and the James Bond film Skyfall. The year over year results are slightly skewed by the $55.7M it recorded from a television asset sale in 2012. With that included, net income came in at $35.9M, -16% vs the period last year, on revenues of $339M, +164%. Without the asset sale, net income would have been up $30M in Q2. Although the studio had no new movies in theaters, worldwide theatrical revenue came in at $6.6M, +267%, as Unexpected Journey — released in December — finished its run. Worldwide home entertainment revenues were up 533% to $179.9M. And worldwide television licensing revenues rose 71% to $121.2M with VOD sales for Skyfall and ongoing sales for Vikings. MGM’s upcoming releases include Carrie (with Sony) and The Hobbit: The Desolation Of Smaug (with Warner Bros.). Last month the company increased its credit facility by $100M, enabling it to tap as much as $750M.

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