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Revenue is up at MGM thanks to strong performances by Skyfall and The Hobbit: An Unexpected Journey. The surge comes after a strong fourth quarter.
According to The Hollywood Reporter, MGM is up 97 percent from last year with a revenue of $1.38 billion in 2012, worldwide. The late year releases of Skyfall and The Hobbit had something to do with that.
“I am very pleased with our strong results for 2012, reinforcing my optimism about the future of MGM,” said chairman and CEO Gary Barber. "With back-to-back films each grossing worldwide box office in excess of $1 billion, MGM now has two of the top 15 films in box-office history."
A year ago in the final three months of 2011, MGM netted a loss of $11.3 million on $136.7 million in profits, reports The Wall Street Journal. For 2012, the company had earnings of $40.2 million with $902.6 million in revenue.
Skyfall premiered in November and The Hobbit was released in December. Each movie earned more than $1 billion worldwide. MGM has the rights to 75 percent of Skyfall with the other 25 percent going to co-producer and distributor, Sony. The Hobbit is 50 percent of MGMs with the other half going to Time Warner.
The Hobbit was the first of a Peter Jackson trilogy from the J. R. R. Tolkien novel. The sequels are planned from releases in 2013 and 2014. Skyfall was the 23 installment of the James Bond franchise and was the high grossing. A sequel has not yet been announced.
MGM is now the only company to have back-to-back $1 billion grossing movies.
Photo Courtesy of TwitPic.com