MGM Studios has announced their 2013 earnings. MGM showed a 97% increase in earnings and an 11% increase in revenues. The dramatic rise in numbers is being attributed to The Hobbit and Skyfall.
The total earnings for 2013 came in at about $122 million, which is double the earnings from 2012 which came in at only $62 million, Variety added.
Revenues for MGM ended up at around $1.53 billion for 2013. Adjusted EBITDA for the studio, which is net income before taxes, taxes, depreciation and amortization, increased by 15 percent for the year to $328,886 million, The Wrap added.
MGM chairman and CEO Gary Barber, spoke about why in 2013 the studio saw such an increase in profit and revenue. “To top the groundbreaking year we had in 2012 is truly an incredible achievement. Growth in revenue and profitability was above our expectations and our operating income of $202 million is higher than any known or reported amount in MGM’s 90 year history.”
The studio also said that the increase in revenue was due in part to Hansel & Gretel: Witch Hunters, 21 Jump Street and G.I. Joe: Retaliation.
MGM has a packed lineup with upcoming films that range from 22 Jump Street to the final installment of the Hobbit films.