MGM 4QFY02 net income rises to $59m

CALIFORNIA: Metro-Goldwyn-Mayer has announced net income of $58.7 million, or $.24 per share, for the quarter ending 31 December 2002. In the fourth quarter of 2001, the company reported net income of $39.1 million, or $.16 per share. Revenues in the 4QFY02 quarter increased approximately 65 per cent to $620.9 million from $375.5 million in the fourth quarter of 2001. EBITDA was $46.8 million compared to $64.0 million in the prior year period.

The fourth quarter of 2002 results included a net gain of $32.5 million, or $0.13 per share, from the sale of the company's 20 percent equity interest in the Bravo cable television network to NBC.

Chairman and CEO MGM Networks Alex Yemenidjian said, "MGM begins 2003 in excellent financial condition. As a result of several recent initiatives, 2003 will be the start of significant cash flow generation for the Company, at a time when our balance sheet is stronger and more deleveraged than ever."

Operating highlights include:

- MGM Networks announced a new MGM branded international channel in the Netherlands, increasing its penetration to almost 100 countries.

- The MGM Home Entertainment group's combined worldwide DVD and VHS shipments crossed the 100 million unit mark for the first time for 2002.

- For 2002, worldwide DVD shipments increased 79 per cent.

- Worldwide DVD shipments increased 112 per cent in the fourth quarter.

- MGM extended its international distribution agreement with NBC for four additional years through the 2007 to 2008 television season.

For full year 2003, based on current estimates, net cash provided by operating activities is expected to be in the range of $100 to $150 million. The company also expects revenues to increase in a range of 3 percent to 5 per cent to over $1.7 billion. Earnings per share are expected to be a loss in the range of $.28 to $.38.

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