Hannibal contributes to MGM studio profit

Thursday, April 26, 2001 | 11:05 a.m.

LOS ANGELES -- Entertainment conglomerate Metro-Goldwyn-Mayer Studios Inc. reported a net loss of $399.8 million, or $1.86 a share, that was attributed to an accounting rules change.

The studio is controlled by billionaire Kirk Kerkorian, who also controls Las Vegas-based casino giant MGM MIRAGE.

The Santa Monica-based studio's operating income, however, came in at $12.6 million, or 6 cents a share, which bested the Wall Street estimate of 1-cent compiled by First Call/Thomson Financial.

In the prior year's first quarter, the company earned $5.2 million, or 3 cents a share. Revenues were basically flat, $343.9 million in the first quarter that ended March 31 vs. $344.7 million in the year-ago period.

MGM's movie "Hannibal," sequel to "Silence of the Lambs," proved a box office hit with about $164 million in ticket sales since its release in early February.

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