Mgm Revenue Soars 164 Percent
The long-suffering MGM film studio on Wednesday reported that its revenue shot up 164 percent in its fiscal second quarter to $339 million. Although profit was down 16 percent in the quarter from 2012, the year-ago figure included a one-time gain related to the sale of its Latin American pay-TV assets. Excluding that sale, MGM's profits were up $30 million. The studio is betting that its coming films, including sequels to RoboCop, 21 Jump Street and The Hobbit, will keep the money pouring in. I continue to be very pleased with our strong performance to date in 2013 and look forward to the year ahead, Chairman and Chief Executive Gary Barber said in a statement.