MGM announces net income drops to a fourth without Bond
MGM Holdings Inc, the parent of Metro-Goldwyn-Mayer Inc, said revenue fell by half in the fourth quarter from a year earlier when the company benefited from the release of "Skyfall," the 23rd James Bond movie.
MGM's net income fell to $12.2 million in the quarter ended Dec. 31 from $40.2 million a year earlier.
Revenue slipped to $463.7 million from $902.6 million.
MGM, however, reported an 11 percent jump in full-year revenue and said upcoming releases include "Hercules" in July and "The Hobbit: There and Back Again" in December.
MGM Holdings said revenue for the full year was helped by the success of its new series "Vikings" and continued success of "Teen Wolf," which is renewed for a fourth season that is expected to be broadcast in the second half of 2014.
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