MGM PRUNES LOSSES.Byline: Greg Hernandez Staff Writer CENTURY CITY - Despite such box office flops as ``Soul Plane,'' film and television studio Metro-Goldwyn-Mayer Inc. narrowed its second-quarter losses with successful cable television shows and DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. titles from its massive movie library, the company said Thursday. For the quarter ended June 30, MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. reported a net loss of $19.7 million, or 8 cents a share, compared with a loss of $133.6 million, or 55 cents a share, during the same quarter a year ago. But revenue fell to $406.1 million, from $487.7 million in last year's second quarter. ``They did worse on revenue than I thought... but everything looks like it's pretty much under control,'' said media analyst David Miller David Miller could refer to any of the following:
Part of the reason for the revenue drop was because a year ago, the home-video version of the James Bond film ``Die Another Day'' alone earned MGM $140.1 million in video revenue. MGM Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Chris McGurk said the next Bond film is scheduled to be released in November 2005, with the studio looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a director. He declined to say whether current Bond star Pierce Brosnan would remain in the title role. McGurk said while ``Soul Plane'' was a failure, the studio's two other releases during the quarter, ``Walking Tall'' and ``Saved!'' will be profitable. Studio-produced cable series ``Stargate SG-1'' and ``Dead Like Me'' have been ratings successes but home video remains the real driver of revenue. Shipments of DVDs climbed by 11 percent during the quarter, reaching 34 million in shipments. Newer hits like ``Barbershop 2,'' and ``Out of Time'' were solid sellers and MGM continues to re-release classic titles that included ``The Good, The Bad, and the Ugly,'' and ``The Great Escape.'' ``What's important with a library that's as strong and broad as ours is re-promoting product right and moving product around on our shelves,'' said MGM Chief Financial Officer Dan Taylor Dan Taylor is an American shotputter. He is currently sponsored by Nike. Taylor is currently competing around the world in track and field. College Taylor attended The Ohio State University. He graduated in 2005 with a B.S. in Agriculture. . ``It gives consumers a chance to, over time, see all of our titles and get an opportunity to purchase them.'' At the outset of a conference call with analysts Thursday, MGM Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Alex Yemenidjian Alex Yemenidjian was the former CEO of MGM Studios. He was appointed as CEO by Kirk Kerkorian, as it is known that Yemenidjian was a close friend of the casino tycoon. Yemenidjian is of Armenian origin born in Argentina. Refferance
``For obvious reasons, we will not entertain any questions, hypothetical or otherwise, on any strategic alternatives under consideration,'' Yemenidjian said. Greg Hernandez, (818) 713-3758 greg.hernandez(at)dailynews.com CAPTION(S): 2 photos Photo: (1 -- color) Successful cable TV shows and strong DVD sales helped film studio Metro-Goldwyn-Mayer narrow its second-quarter loss. (2 -- color) Despite a disappointing film season, Metro-Goldwyn-Mayer has managed to cut its second-quarter loss to $19.7 million. Damian Dovarganes/Associated Press |
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