Second quarter revenues nearly triple
The privately-held studio reported second-quarter earnings of $36 million, down from $42.1 million in the year-ago quarter, which included a one-time gain from the sale of Latin American pay TV assets. Without that gain, earnings were up $30 million for the quarter.
Adjusted EBITDA more than doubled to $79 million from $36 million.
MGM’s Chairman and CEO Gary Barber said, “I continue to be very pleased with our strong performance to date in 2013 and look forward to the year ahead.”
“In addition, we generated higher television licensing revenue lead by strong VOD sales of ‘Skyfall’ and television licensing of the television series ‘Vikings,’” MGM said. “Revenue for the current year’s second quarter also benefited from targeted home entertainment promotions of the James Bond library and higher net revenue from co-produced films.”
It was the second consecutive strong quarter for MGM, which reported in May that “Skyfall” and “The Hobbit” had led to first-quarter profits more than doubling
MGM’s reboot of “Carrie,” with Sony’s Screen Gems will open Oct. 18 and “The Hobbit: The Desolation of Smaug” has a Dec. 13 launch. The 2014 slate includes reboots of “Poltergeist” and “RoboCop,” sequel “22 Jump Street,” “Hercules,” and the third film in “The Hobbit” trilogy
TV results include the renewal of “Vikings” for season two, “Teen Wolf” for its third season, a limited-series order for “Fargo” and the launch of the syndicated “Paternity Court.”
“Skyfall,” a Sony co-production, has generated $1.1 billion in worldwide box office. The first “Hobbit” movie, a co-production with Warner Bros., has grossed $1.01 billion.
Barber became the sole chairman and CEO of MGM last October as Roger Birnbaum became a producer. The longtime partners had been co-chairmen since taking over the Lion in late 2010.