MGM Reels Off an $82.5-Million Loss

Metro-Goldwyn-Mayer Inc. had a fourth-quarter loss as the studio took write-downs on some of its films and television programs in its first quarterly results since it sold stock to the public. MGM lost $82.5 million, or $1.26 per diluted share, reflecting write-downs for the film “Red Corner” and the TV series “Fame L.A.” Revenue for the three months was $259.2 million. A year ago, under a different ownership structure, MGM earned $166,000, or 1 cent a share, on revenue of $228.7 million for the quarter. The company, which hasn’t had an annual profit since 1988, said it expects its investments to increase the number of movies it makes and acquisitions of other studios to begin to pay off this year. Some analysts say it’s too early to tell whether MGM’s turnaround will work. MGM shares rose 56 cents to $19.81 in trading on the New York Stock Exchange, just under the $20 its shares sold for in its November stock sale.