Thanks to “Skyfall” and ‘The Hobbit: An Unexpected Journey,” MGM saw fourth-quarter earnings move into the black to $40.2 million from a loss of $11.2 million in the 2011 quarter.
Revenue jumped by more than six times to $902.6 million from $136.6 million.
In a report released Monday, the privately held studio disclosed that earnings for the entire year quadrupled to $129 million from $35.2 million while revenues doubled to $1.38 billion from $699.1 million. Adjusted EBIDTA rose 48% to $286 million.
“I am very pleased with our strong results for 2012, reinforcing my optimism about the future of MGM,” said MGM chairman Gary Barber. “With back-to-back films each grossing worldwide box office in excess of $1 billion, MGM now has 2 of the top 15 films in box office history. Our unprecedented success and extraordinary financial performance this past year were made possible by the contributions and strength of our team at MGM and our partners around the world.”
“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.
MGM also disclosed in the filing that worldwide television licensing revenue for 2012 totalled $395 million, up $23 million over 2011, while worldwide home entertainment revenue edged up $1 million to $195 million. Nearly half of the home entertainment revenues were generated during the fourth quarter with $96 million, primarily reflecting strong performance of James Bond 50th anniversary promotions.
MGM disclosed in a July filing with the Securities and Exchange Commission that it was considering an IPO under new legislation effective in April that allows companies with under $1 billion in annual revenue to keep the process confidential until 21 days before a roadshow.
On Oct. 3, MGM announced that Gary Barber would become the sole chairman and CEO of MGM as Roger Birnbaum becomes a producer. The longtime partners were co-chairmen since taking over the Lion nearly two years ago.