Footage of a Chinese character dying, and references to prostitution and torture were edited out of the Chinese release of the 2012 James Bond film. One scene completely cut included a hitman (Ola Rapace) killing a Chinese security guard. In another, Bond (Daniel Craig) questions a woman (Berenice Marlohe) about her tattoo, which indicates she had been forced into prostitution as a child. The audio was kept in, but the subtitles instead read she was being extorted by the mob. When Javier Bardem’s Raoul Silva tells Bond about being captured in Hong Kong and then tortured, the subtitles did not tell the whole tale.
MGM Holdings reported revenue for the calendar year that ended Dec. 31, 2013, was up 11 percent over the prior year to $1.53 billion, and net income soared 97 percent over the prior year to $122 million.
“To top the groundbreaking year we had in 2012 is truly an incredible achievement,” said MGM chairman and CEO Gary Barber. “Growth in revenue and profitability was above our expectations, and our operating income of $202 million is higher than any known or reported amount in MGM’s 90-year history.”
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Even MGM’s bad news is turning out to be good news. In a call with investors and analysts on Wednesday, MGM revealed that the $36 million write down it took was in part for poor results from the movie Robocop. However, the company said that the movie’s performing above expectations internationally, so that will mean the loss, if there is one, will be less than expected.
Robocop only grossed about $57 million in U.S. theaters but has grossed around $234 million worldwide.
MGM also reported that its cash on hand is now at about $30 million and it has zero debt. It has not drawn down anything on its existing lines of credit.
At the end of 2013, the cash on hand (and cash equivalents) stood at about $42 million, and the company’s bank debt was listed on the balance sheet as $105 million.
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The closely held private company also reported the annual cash flow from its huge library of movies and TV shows for the first time. For 2013, the library made $488 million, which is considered a very solid performance.
MGM Holdings shares are currently sitting at about $76 on the thinly traded private market. There has been no further discussion about the company doing an IPO.
The improved revenue of $1.53 billion, compared to $1.38 billion a year earlier, was attributed to the success of new movies and TV shows, including the James Bond film Skyfall and The Hobbit: An Unexpected Journey, in theaters, home video and digital platforms.
MGM said the next Bond movie will come out at the end of 2015. The final movie in the Hobbit trilogy hits theaters at the end of this year.
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Other movies that contributed to the revenue increase in 2013 were Hansel & Gretel: Witch Hunters, G.I. Joe: Retaliation and the continuation of revenue from 21 Jump Street, which was released in 2012.
The company also reported a strong improvement over 2012 in television, with the success of the series Vikings on History Channel (now starting its second season) and Teen Wolf on MTV.
MGM also touted to analysts the optimistic outlook they hold for the upcoming series Fargo, based on the movie, which begins its run April 15 on FX.
The adjusted EBITDA for 2013 was $329 million, up 11 percent over 2012.
In terms of results from the fourth quarter of 2013, revenue was $463.98 million compared to $902.6 in the same quarter of 2012 (as a result of differences in when major movies were released).
For the last quarter of 2013, net income was $12 million compared to $40 million one year earlier.
