MGM reports decline in second quarter revenues

MUMBAI: Media conglomerate MGM has announced that second quarter revenues for the period ending 30 June 2004 totalled $406.1 million. This represents a decline from the $487.7-million figure in the corresponding quarter last year

In India, MGM has joint venture with Zee for the English movie channel Zee MGM. On a more positive note, the company reported a reduced net loss of $19.7 million compared to last year's figure of $133.6 million.

MGM chairman and CEO Alex Yemenidjian said,"Our ability to consistently generate cash flow afforded us the opportunity to reward our shareholders, yet again, with a tax-free, extraordinary dividend of $8.00 per share during the second quarter."

Operating highlights:

- MGM Networks launched a branded channel in Spain in an alliance with Media Park, one of Spain's leading cable television distributors.

- In its Pan-Asian alliance with CNBC, MGM Networks expanded to Singapore and Macau.

- MGM's movie Walking Tall and United Artists' Saved which were released in the second quarter will be profitable.

- Worldwide DVD unit shipments in the quarter increased 11 per cent to approximately 34 million.

- On the television front, Stargate SG-1 began its eighth season with the programme's highest ratings ever on the Sci-Fi Channel in the US. The premiere episode was the highest-rated series telecast in the history of the Sci-Fi Channel

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