The privately held studio says that revenues were up across all of its core businesses, but singled out contributions from the international release of home videos for The Hobbit: An Unexpected Journey and the James Bond film Skyfall. The year over year results are slightly skewed by the $55.7M it recorded from a television asset sale in 2012. With that included, net income came in at $35.9M, -16% vs the period last year, on revenues of $339M, +164%. Without the asset sale, net income would have been up $30M in Q2. Although the studio had no new movies in theaters, worldwide theatrical revenue came in at $6.6M, +267%, as Unexpected Journey — released in December — finished its run. Worldwide home entertainment revenues were up 533% to $179.9M. And worldwide television licensing revenues rose 71% to $121.2M with VOD sales for Skyfall and ongoing sales for Vikings. MGM’s upcoming releases include Carrie (with Sony) and The Hobbit: The Desolation Of Smaug (with Warner Bros.). Last month the company increased its credit facility by $100M, enabling it to tap as much as $750M.
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This article was printed from http://www.deadline.com/2013/08/mgm-q2-earnings-2/