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MGM REPORTS SECOND QUARTER, SIX MONTH 1993 RESULTS

 SANTA MONICA, Calif., Aug. 16 /PRNewswire/ -- Metro-Goldwyn-Mayer Inc. today reported results for the second quarter and six months ended June 30, 1993.
 For the second quarter, the company had a net loss of $46.7 million compared with $58.7 million in the prior year quarter. Revenues were $133.3 million in the second quarter vs. $195.0 million a year earlier.
 The company had a net loss of $97.9 million for the six months of 1993 on revenues of $329.3 million. In the prior year period, the company had a net loss of $146.1 million on revenues of $493.9 million.
 As previously announced, a new corporate financial restructuring has been approved in principle, including an increase in the company's available credit line to total $400 million to support expanded new film and television production, the release of the company from $800 million of existing bank debt, thereby increasing the company's stockholders' equity by the same amount, and redemption of $221.1 million face amount of outstanding debentures which will be funded in whole or in part by the sale of the company's theater operations. Implementation of this restructuring will substantially reduce future financing costs, improving the company's financial position and liquidity.
 Chairman and Chief Executive Officer Frank G. Mancuso said, "We have begun the rebuilding of Metro-Goldwyn-Mayer. We are reviving United Artists Pictures, whose productions will complement those produced by MGM Pictures. Both studios' films will be distributed worldwide by the MGM/UA Distribution network. We look forward to an aggressive revitalization in all of our businesses."
 Metro-Goldwyn-Mayer Inc. is involved in the worldwide production and distribution of motion picture and television programs and operates theater chains in Europe.
 METRO-GOLDWYN-MAYER INC.
 Condensed Consolidated Statements of Operations
 (In thousands, except per share data)
 (Unaudited)
 Quarter Quarter Six Months Six Months
 Ended Ended Ended Ended
 June 30, June 30, June 30, June 30,
 1993 1992 1993 1992
 Revenues:
 Feature films
 and television
 programming
 operations $92,417 $149,240 $241,567 $392,760
 Theater operations 40,886 45,723 87,753 101,097
 Total revenues 133,303 194,963 329,320 493,857
 Expenses:
 Feature films and
 television
 programming
 operations 101,799 171,462 263,600 426,655
 Theater operations 39,319 47,798 81,438 97,890
 General corporate
 administration 15,150 13,415 25,827 22,951
 Total expenses 156,268 232,675 370,865 547,496
 Operating loss (22,965) (37,712) (41,545) (53,639)
 Other income (expense):
 Interest expense,
 net (24,391) (34,718) (50,502) (71,077)
 Interest and other
 income (expense),
 net 1,714 19,427 5,069 16,192
 (Reserves) recovery
 on investments and
 affiliate advances,
 net --- --- --- 3,500
 Total other income
 (expense) (22,677) (15,291) (45,433) (51,385)
 Loss before income
 taxes, cumulative
 effect of
 accounting change
 and extraordinary
 items (45,642) (53,003) (86,978) (105,024)
 (Provision) benefit
 for income taxes (1,015) (5,668) (1,059) (8,004)
 Loss before extra-
 ordinary items and
 cumulaive effect of
 accounting change (46,657) (58,671) (88,037) (113,028)
 Extraordinary items --- --- (9,827) ---
 Cumulative effect at
 Jan. 1, 1992, of
 income tax
 accounting change --- --- --- (33,036)
 Net loss ($46,657) ($58,671) ($97,864) ($146,064)
 Net loss per common
 share
 Loss per common
 share before
 extraordinary
 items and
 cumulative effect
 of accounting
 change ($.78) ($.98) ($1.47) ($1.88)
 Extraordinary items --- --- (.16) ---
 Cumulative effect at
 Jan. 1, 1992, of
 income tax accounting
 change --- --- --- (.55)
 Net loss ($.78) ($.98) ($1.63) ($2.43)
 -0- 8/16/93
 /CONTACT: Craig A. Parsons of Pondel Parsons & Wilkinson, 310-207-9300, for Metro-Goldwyn-Mayer/


CO: Metro-Goldwyn-Mayer Inc. ST: California IN: ENT SU: ERN

MF-LM -- LA005 -- 3121 08/16/93 13:32 EDT
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Date:Aug 16, 1993
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