'Skyfall,' 'The Hobbit' Boost MGM Earnings 64%, Revenue 97%

MGM reported a massive increase in its quarterly and annual earnings on Monday thanks to two blockbusters -- "The Hobbit" and "Skyfall." Revenue for the fourth quarter of 2012 increased almost sevenfold from the fourth quarter of 2011, while the company swung from a loss of $22.5 million to a profit of $78.7 million.

For the full year, MGM almost doubled its revenue to $1.4 billion while increasing profit 64 percent to $128 million.

More to come...



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