MGM Announces Strong Cash Flow for the Fourth Quarter and Full Year
2004 LOS ANGELES, Feb. 24 /PRNewswire-FirstCall/ --
Metro-Goldwyn-Mayer (NYSE:MGM) announced today that net cash
provided by operating activities was $67.4 million for the fourth
quarter ended December 31, 2004, bringing the full year 2004 total
to $140.8 million. (Logo:
http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO) Fourth
quarter revenues were $453.4 million, compared to $543.1 million in
the prior year period. The Company's net income in the fourth
quarter was $38.5 million, or $0.16 per share. Fourth quarter
results included a non-cash charge of $8.3 million, or $0.03 per
share, for the early election to expense employee stock options and
expenses of $2.1 million, or $0.01 per share, related to the
pending acquisition of MGM. Net income in the fourth quarter of
2003 was $60.3 million, or $0.25 per share. On September 23, 2004,
LOC Acquisition Company entered into a definitive agreement to
acquire MGM for $12 in cash per MGM share, plus the assumption of
MGM's approximately $2.0 billion in debt. LOC Acquisition Company
is a Delaware corporation which, at the time of the merger, will be
owned by Sony Corporation of America, Comcast Corporation and
affiliates of Providence Equity Partners, Texas Pacific Group and
DLJ Merchant Banking Partners. The transaction has received MGM
shareholder approval and Justice Department approval and remains
subject to approval from the European Union and customary closing
conditions. Commenting on these results, Alex Yemenidjian, Chairman
and Chief Executive Office said: "We are especially pleased that
over the past two years, MGM has generated $333 million in net cash
from operating activities, which is considerably stronger than
expected. Our successful initiatives to market the MGM film and
television library contributed significantly to our improved cash
flow." Chris McGurk, Vice Chairman and Chief Operating Officer
added: "Hotel Rwanda's recent success is the start of an extremely
promising slate of films for MGM and United Artists throughout
2005. 'Be Cool,' 'Beauty Shop,' and 'Amityville Horror' are among
the upcoming titles that hold great promise as 2005 unfolds."
FOURTH QUARTER 2004 OPERATIONAL HIGHLIGHTS * "Hotel Rwanda"
premiered in limited release in December to substantial critical
acclaim, including three Golden Globe and three Academy Award
nominations. * In Home Entertainment, "Walking Tall," "Saved," "The
Good, the Bad and the Ugly," and the "Pink Panther" series were
among the top-selling new release and library titles. * "Stargate
Atlantis" ranked as the Sci-Fi channel's highest rated series. *
Ratings for "Stargate SG-1" are up 24% for the season to date on
Sci-Fi. * "Barbershop" received a 10 episode television series
commitment from Showtime. * MGM Networks expanded into Russia on
NTV Plus, the country's largest pay TV platform.
Metro-Goldwyn-Mayer Inc. (NYSE:MGM), through its
Metro-Goldwyn-Mayer Studios Inc. subsidiary, is actively engaged in
the worldwide production and distribution of entertainment product,
including motion pictures, television programming, home video,
interactive media, music, and licensed merchandise. The Company
owns the largest modern film library in the world, consisting of
approximately 4,000 titles. Its operating units include MGM
Pictures, United Artists, MGM Television Entertainment, MGM
Networks, MGM Distribution Co., MGM Worldwide Television
Distribution, MGM Home Entertainment, MGM On Stage, MGM Consumer
Products, MGM Music, MGM Interactive and MGM Direct. In addition,
MGM has ownership interests in international television channels
reaching over 100 countries around the globe. For more information
on MGM, visit us online at http://www.mgm.com/. This news release
contains forward-looking statements that are based upon the
Company's estimates and expectations concerning future events and
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those reflected in the
forward-looking statements. These risks and uncertainties include,
among other things, future competitive and market conditions,
whether the Company's products achieve customer acceptance, future
business decisions, and other factors, including those described in
the Company's filings with the Securities and Exchange Commission,
all of which are difficult or impossible to predict accurately and
many of which are beyond the control of MGM. In light of the
significant uncertainties inherent in the forward-looking
information herein, the inclusion of such information should not be
regarded as a representation by the Company or any other person
that the Company's objectives or plans will be realized. This press
release shall not constitute an offer to sell, or the solicitation
of an offer to buy, any securities of the Company. In connection
with the proposed transaction, MGM will file a proxy statement and
other materials with the Securities and Exchange Commission.
INVESTORS ARE URGED TO READ THE PROXY STATEMENT AND RELATED
MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION. MGM and its officers and directors may be
deemed to be participants in the solicitation of proxies with
respect to the proposed transaction. Information regarding such
individuals is included in MGM's proxy statements and Annual
Reports on Form 10K previously filed with the Securities and
Exchange Commission and will be included in the proxy statement
relating to the proposed merger when it becomes available.
Investors may obtain a free copy of the proxy statement and other
relevant documents when they become available as well as other
material filed with the Securities and Exchange Commission
concerning MGM and these individuals at the Securities and Exchange
Commission's website at http://www.sec.gov/. These materials and
other documents may also be obtained for free from: MGM at
Metro-Goldwyn-Mayer Inc., 10250 Constellation Boulevard, Los
Angeles, California 90067, Attn: Investor Relations. Contact:
Joseph Fitzgerald (310) 449-3660 Metro-Goldwyn-Mayer Inc. Condensed
Consolidated Results of Operations Quarters and Years Ended
December 31, 2004 and 2003 In thousands, except Quarter Ended Year
Ended share and per December 31, December 31, share data
(unaudited) 2004 2003 2004 2003 Revenues: Feature films $361,395
$482,778 $1,438,640 $1,651,870 Television programming 79,969 45,875
240,530 189,997 Other 12,045 14,430 45,634 41,160 Total revenues
$453,409 $543,083 $1,724,804 $1,883,027 EBITDA:* Feature films
$66,869 $99,069 $148,736 $107,922 Television programming 26,147
7,851 52,309 24,869 Other 9,914 10,259 26,537 23,034 General and
administration expenses (48,444) (43,800) (178,105) (139,643)
EBITDA 54,486 73,379 49,477 16,182 Depreciation (4,054) (3,572)
(15,147) (17,300) Operating income (loss) 50,432 69,807 34,330
(1,118) Write-down on investment in cable channels -- -- --
(93,059) Equity in net earnings (losses) of investees (1,478) (285)
(4,847) 310 Interest expense, net of amounts capitalized (21,886)
(8,673) (63,601) (60,229) Interest and other income, net 2,770
4,761 8,411 16,148 Other non-recurring costs (2,068) -- (7,026)
(5,099) Income (loss) before benefit (provision) for income taxes
27,770 65,610 (32,733) (143,047) Income tax benefit (provision)
10,682 (5,357) 3,522 (18,714) Net income (loss) $38,452 $60,253
$(29,211) $(161,761) Income (loss) per share: Basic and diluted Net
income (loss) $0.16 $0.25 $(0.12) $(0.66) Weighted average number
of common shares outstanding: Basic 238,057,048 244,590,118
237,243,202 245,584,705 Diluted 244,855,526 245,845,706 237,243,202
245,584,705 * EBITDA, which is reconciled to operating income
(loss) and net income (loss) in the above table, is defined as
operating income (loss) before depreciation. The Company believes
that EBITDA should be considered in addition to, not as a
substitute for or superior to, operating income, net income, net
cash provided by operating activities and other measures of
financial performance prepared in accordance with generally
accepted accounting principles ("GAAP"). The Company uses EBITDA as
one of many measures to evaluate both the operating performance of
its business segments and performance for compensation purposes.
MGM believes that EBITDA is also used by many investors, equity
analysts and others as a measure of performance to make informed
investment decisions. The EBITDA presented may not be comparable to
similarly titled measures reported by other companies.
Metro-Goldwyn-Mayer Inc. Condensed Consolidated Balance Sheets
December 31, 2004 and 2003 (In thousands, except share data) ASSETS
December 31, December 31, 2004 2003 Cash and cash equivalents
$117,365 $61,894 Accounts and contracts receivable (net of
allowance for doubtful accounts of $29,835 and $46,671,
respectively) 586,927 615,907 Film and television costs, net
1,771,183 1,788,225 Investments in and advances to affiliates
21,770 24,050 Property and equipment, net 69,282 68,657 Goodwill
516,706 516,706 Restricted cash 150,789 -- Other assets 49,779
31,132 $3,283,801 $3,106,571 LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities: Bank and other debt $1,984,000 $813 Accounts payable
and accrued liabilities 226,467 234,397 Accrued participants' share
301,069 320,347 Income taxes payable 23,365 37,129 Advances and
deferred revenues 96,205 72,908 Merger deposit 150,789 -- Other
liabilities 179,595 112,606 Total liabilities 2,961,490 778,200
Commitments and contingencies Stockholders' equity: Preferred
stock, $.01 par value, 25,000,000 shares authorized, none issued --
-- Common stock, $.01 par value, 500,000,000 shares authorized,
251,960,505 shares issued 2,520 2,520 Additional paid-in capital
2,058,827 3,915,777 Deficit (1,536,784) (1,507,573) Accumulated
other comprehensive income 13,464 2,046 Less: treasury stock, at
cost, 13,729,671 and 7,347,530 shares, respectively (215,716)
(84,399) Total stockholders' equity 322,311 2,328,371 $3,283,801
$3,106,571 http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO
http://photoarchive.ap.org/ DATASOURCE: Metro-Goldwyn-Mayer Inc.
CONTACT: Joseph Fitzgerald of Metro-Goldwyn-Mayer Inc.,
+1-310-449-3660 Web site: http://www.mgm.com/
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