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MGM posts $35.9-million profit for second quarter

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MGM Holdings Inc., the parent of Metro-Goldwyn-Mayer Inc., reported net income of $35.9 million for its fiscal second quarter ending June 30.

The Beverly Hills-based film and television company’s revenue rose dramatically -- by 164% -- to $339 million.

Net income was down 16% from the $42.6-million profit the company posted for the same quarter a year earlier. However, that 2012 figure includes a one-time gain related to an asset sale.

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Excluding that gain, which came from the sale of Latin American pay-television assets to Chellomedia, MGM’s net income was up $30 million.

PHOTOS: Billion-dollar movie club

“I continue to be very pleased with our strong performance to date in 2013 and look forward to the year ahead,” Chairman and Chief Executive Gary Barber said in a statement.

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MGM, producer of last year’s “Skyfall” and “The Hobbit: An Unexpected Journey,” is privately held. However, the company filed a draft registration statement for an initial public offering with the Securities and Exchange Commission in July 2012.

The company’s second film in the J.R.R. Tolkien series, “The Hobbit: The Desolation of Smaug,” is scheduled to be released by Warner Bros. on Dec. 13. Among MGM’s films slated to open in 2014 are a “RoboCop” reboot and “22 Jump Street,” a sequel to “21 Jump Street.”

MGM emerged from bankruptcy in December 2010.

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