MGM reports growth thanks to ‘The Hobbit’

at 8:51 am by August 16, 20138:51 am by Arandir

MGM is reporting growth, thanks in part to ‘The Hobbit: The Unexpected Journey.‘ 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

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