‘Skyfall,’ ‘Hobbit’ Films Boost MGM Earnings, Revenues

MGM Holdings has reported a 97% jump in 2013 earnings and an 11% gain in revenues, citing “Skyfall,” its two “Hobbit” films, “Vikings” and “Teen Wolf.”

The increase in 2013 results came despite declines in fourth-quarter results.

The privately held studio announced earnings last year of $122 million, nearly double the $62 million from 2012, excluding the one-time benefit of asset sales. Revenues hit $1.53 billion.

“To top the groundbreaking year we had in 2012 is truly an incredible achievement,” said MGM chairman and CEO Gary Barber. “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.”

MGM also announced that adjusted EBIDTA rose 15% to $329 million and pointed to a “strong” upcoming slate including “22 Jump Street,” “Hercules,” “If I Stay,” the sequel to “Hot Tub Time Machine” and the third Hobbit film, “The Hobbit: There and Back Again.”

MGM co-financed “Skyfall” with Sony and “The Hobbit: An Unexpected Journey,” with Warner Bros. and both topped $1 billion in worldwide box office. “The Hobbit: The Desolation of Smaug” has hit $944 million since its December launch.

MGM said 2013 further revenue increases were due to contributions from “Hansel & Gretel: Witch Hunters,” and “G.I. Joe: Retaliation,” plus ongoing revenue from the success of “21 Jump Street.”

Revenue from TV improved due to the new series “Vikings” and the continued success of “Teen Wolf,” which was renewed for a fourth season.

Fourth-quarter earnings declined 75% to $12.2 million from $40.2 million in the 2012 period, which included the release of “Skyfall.” Revenues fell 49% to $463.7 million from $902.6 million.

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