Studio and distributor’s first quarter net income grows $244,000
MGM’s first-quarter 2016 revenue dropped 15 percent year over year, though the entertainment company was able to salvage slight profit growth with lowered film costs.
Overall, Q1 revenues totaled $311.3 million this time around. In 2015, the top-line was $364.5 million. Big-screen stuff was the culprit for the drop, while small-screen shows fared better this year.
Net income for the most-recent 90-day period was $57.1 million. Last year, that profit was at $56.8 million.
Recognized costs on released films has dropped, as have current production expenses. There’s more money tied up in development there, however. Television costs are up across-the-board,
This quarter, the production company and distributor released “How to Be Single,” which was co-produced by Warner Bros.