MGM's profits surge in fourth quarter

MGM has revealed a surge in fourth-quarter profits.

The company's net income rose to €45.1m, or 26 cent per share.

This compares with €14.3m, or 10 cent per share, a year earlier.

Fourth-quarter revenues rose by 29% to €434m, from €338m last time.

Vice-chairman Vince McGurk says: "Driven by four number-one opening films, MGM had its biggest box office ever in 2001. More importantly, both the MGM and United Artists film slates were profitable.

"Our worldwide home entertainment and television operations also produced record results in 2001 by aggressively leveraging both our successful new film content and MGM's massive film and television library."

Worldwide home video revenues increased by 57% over the fourth quarter of 2000.

Domestic DVD unit shipments were up 172% for the full-year, led by the Legally Blonde and Hannibal releases, as well as a strong library performance.