ITV

Tag: Alex Yemenidjian

  • MGM reports decline in second quarter revenues

    MUMBAI: Media conglomerate MGM has announced that second quarter revenues for the period ending 30 June 2004 totalled $406.1 million. This represents a decline from the $487.7-million figure in the corresponding quarter last year

    In India, MGM has joint venture with Zee for the English movie channel Zee MGM. On a more positive note, the company reported a reduced net loss of $19.7 million compared to last year’s figure of $133.6 million.

    MGM chairman and CEO Alex Yemenidjian said,”Our ability to consistently generate cash flow afforded us the opportunity to reward our shareholders, yet again, with a tax-free, extraordinary dividend of $8.00 per share during the second quarter.”

    Operating highlights:

    – MGM Networks launched a branded channel in Spain in an alliance with Media Park, one of Spain’s leading cable television distributors.

    – In its Pan-Asian alliance with CNBC, MGM Networks expanded to Singapore and Macau.

    – MGM’s movie Walking Tall and United Artists’ Saved which were released in the second quarter will be profitable.

    – Worldwide DVD unit shipments in the quarter increased 11 per cent to approximately 34 million.

    – On the television front, Stargate SG-1 began its eighth season with the programme’s highest ratings ever on the Sci-Fi Channel in the US. The premiere episode was the highest-rated series telecast in the history of the Sci-Fi Channel

  • MGM 4QFY02 net income rises to $59m

    MGM 4QFY02 net income rises to $59m

    CALIFORNIA: Metro-Goldwyn-Mayer has announced net income of $58.7 million, or $.24 per share, for the quarter ending 31 December 2002. In the fourth quarter of 2001, the company reported net income of $39.1 million, or $.16 per share. Revenues in the 4QFY02 quarter increased approximately 65 per cent to $620.9 million from $375.5 million in the fourth quarter of 2001. EBITDA was $46.8 million compared to $64.0 million in the prior year period.

    The fourth quarter of 2002 results included a net gain of $32.5 million, or $0.13 per share, from the sale of the company’s 20 percent equity interest in the Bravo cable television network to NBC.

    Chairman and CEO MGM Networks Alex Yemenidjian said, “MGM begins 2003 in excellent financial condition. As a result of several recent initiatives, 2003 will be the start of significant cash flow generation for the Company, at a time when our balance sheet is stronger and more deleveraged than ever.”

    Operating highlights include:

    – MGM Networks announced a new MGM branded international channel in the Netherlands, increasing its penetration to almost 100 countries.

    – The MGM Home Entertainment group’s combined worldwide DVD and VHS shipments crossed the 100 million unit mark for the first time for 2002.

    – For 2002, worldwide DVD shipments increased 79 per cent.

    – Worldwide DVD shipments increased 112 per cent in the fourth quarter.

    – MGM extended its international distribution agreement with NBC for four additional years through the 2007 to 2008 television season.

    For full year 2003, based on current estimates, net cash provided by operating activities is expected to be in the range of $100 to $150 million. The company also expects revenues to increase in a range of 3 percent to 5 per cent to over $1.7 billion. Earnings per share are expected to be a loss in the range of $.28 to $.38.