Clarification

MGM reported a significant 23% increase in operating cash flow to $53.4 million in its latest financial results, before adjustment for new accounting rules. A story in Tuesday’s paper failed to put the third quarter cash flow in the context of the accounting change. The new rules require companies to recognize marketing expenses as they are incurred. Further, MGM points out that its film “Windtalkers” will not be released in the fourth quarter because of the challenging marketplace, and that the decision was in no way related to earnings considerations. Some foreign rights to the film previously were sold off in keeping with normal industry practice.

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