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MGM Says Earnings Will Beat Forecasts

October 13, 2000|Reuters

Metro-Goldwyn-Mayer Inc. said it expects third-quarter profit to beat estimates and to rise more than 40% on strong film and television licensing and DVD sales. MGM, one of Hollywood's oldest studios, is rebounding from years of red ink and said it expects earnings in the range of 10 cents to 13 cents a share for the latest quarter, up from the 7 cents a year ago. Wall Street analysts had expected MGM to report a barely profitable 1 cent per share, according to First Call/Thomson Financial. MGM also said it expects its cash flow from operations, or earnings before interest, taxes, depreciation and amortization, to exceed the $40.2 million generated in the year-ago quarter. MGM shares fell $1.50 to close at $19.13 on the New York Stock Exchange.

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