It’s easy to see why the studio would rather focus on the 12-month results. With hit films including Skyfall and The Hobbit, and TV series Vikings and Teen Wolf, full-year revenues jumped 11% to $1.53B. Net income at $122.2M fell 5% but would be up 97% if you factor out the company’s asset sales in 2012 including its $55.6M gain from the sale of MGM Networks. “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,” CEO Gary Barber says. But we pretty much already knew that from the results in the first nine months. What about the new figures for Q4? The company has little to say about that. MGM had to report costs tied to the December release of The Hobbit: The Desolation Of Smaug before most of the sales rolled in. That contributed to a 69.6% drop in net income to $12.2M on revenues of $463.7M, – 69.6%. MGM appears to be unfazed as it crows about a 2014 film slate that includes 22 Jump Street, Hercules, If I Stay, and The Hobbit: There And Back Again, as well as a TV lineup that includes the new series Fargo.
This article was printed from https://deadline.com/2014/03/mgm-trumpets-its-strong-2013-financials-despite-a-weak-q4-704696/