Merger costs, an$8.3m non-cash charge and falling revenue led to lower year-on-year fourthquarter income at MGM, which is in the process of being taken over by aconsortium of buyers led by Sony.
The studioreported $38.5m net income or $0.16 per share for the fourth quarter of 2004,compared to $60.3m or $0.25 per share for the same period a year earlier.
Net cash provided by operating activities was $67.4m forthe fourth quarter, bringing the full year 2004 total to $140.8m.
Fourth quarterrevenues were $453.4m, compared to $543.1m in the prior year period.
Fourth quarter operationalhighlights included solid home entertainment sales for Walking Tall, Saved, The Good, The Bad And The Ugly and the Pink Panther series, critical acclaim and Golden Globe and Oscarnominations for Hotel Rwanda, andthe launch of MGM Networks on Russia's NTV Plus pay TV platform.