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MGM Profit Rises

April 26, 2001|Reuters

Film studio Metro-Goldwyn-Mayer Inc. posted a nearly $400-million first-quarter loss after accounting charges but said its underlying results rose because of the strong box office performance of the film "Hannibal" and sales of home videos and DVDs. Santa Monica-based MGM said including the charges it posted a first-quarter net loss of $399.8 million, or a loss of $1.86 a share, versus profit of $5.2 million, or 3 cents a share, a year ago. MGM said its earnings before the charges rose to $12.6 million, or 6 cents a share, from $5.2 million, or 3 cents a share, a year earlier. First-quarter revenue was off slightly at $343.9 million compared with $344.7 million a year ago.

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