Date: 25th October 2000

Leo Licks Chops Over MGM Profits

It may only have released a single new film in its third quarter -- the Richard Gere-Winona Ryder weepie Autumn in New York, which grossed just $37.5 million -- but MGM on Tuesday reported a huge jump in profits, attributable mostly to video and DVD sales of its movies, especially the James Bond thriller The World Is Not Enough. "They had just tremendous growth in the DVD market," Sutro & Co. analyst David Miller told Bloomberg News. In fact, sales of the company's DVD titles, including the Bond film, The Thomas Crown Affair, Supernova, This Is Spinal Tap and others soared more than 400 percent during the quarter. Overall net income rose to $27.1 million on revenue of $315.4 million against $10.3 million/$299.3 million during the same quarter a year ago. MGM is planning to release 20 feature films next year, including Hannibal, the much-anticipated sequel to Silence of the Lambs.

Source: Studio Briefing



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