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MGM Narrows Q2 Year-to-Year Net Loss

29 Jul, 2004 By: Erik Gruenwedel

An 11 percent increase in worldwide DVD shipments, to 34 million units, helped film studio Metro-Goldwyn-Mayer post a 78 percent decreased net loss of $19.7 million, or 8 cents per diluted share, on revenue of $406.1 million for the second quarter ended June 30.

The Los Angeles-based studio, which continues to be heavily courted for acquisition by Time Warner and Sony, had a net loss of $133.6 million, or 55 cents per share, on revenue of $487.7 million during the same period last year.

The DVD unit shipments are significant since they represent primarily pre-1998 titles, including The Good, the Bad & the Ugly, The Great Escape and The Pink Panther series, and exclude a company record $140.1 million in home video revenue generated last year with the release of Die Another Day, starring Pierce Brosnan and Halle Berry.

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