Lionsgate Reports Q2 Profit

SANTA MONICA: Lionsgate reported revenues of $393.7 million for its second quarter, an increase of 3 percent compared to last year, driven by strong growth in television production revenues and new revenue of $27.7 million from TV Guide Network and TV Guide.com.

The company posted net income of $31.7 million, compared to a loss of $51.8 million during the prior-year period. Overall motion-picture revenue declined 11 percent to $277 million, with home-entertainment revenue down 25 percent to $123.4 million and theatrical revenue down 11 percent to $30 million. In this segment, however, television revenue rose to $68.2 million in the quarter, an increase of 10 percent from the prior year, with its slate that included Saw V, Tyler Perry’s The Family That Preys, Transporter 3, Bangkok Dangerous, Disaster Movie, My Best Friend’s Girl, Religulous and W.

Television production revenue increased to $88.9 million, an increase of 30 percent, with a 14-percent increase in U.S. series licensing from Lionsgate Television deliveries of seven episodes of Weeds season five (Showtime), eight episodes of Mad Men season three (AMC) and five episodes of Crash season two (Starz).

"As anticipated, we had another strong financial quarter, showing what we can achieve from our diversified portfolio of businesses as we benefited from strong contributions from our television production operations and new revenue from TV Guide Network and TV Guide.com," said Lionsgate’s co-chairman and CEO, Jon Feltheimer. "We are on track to meet our financial targets for the year, and we believe that the current performance of our businesses, coupled with growing returns we anticipate from our new investments and the ultimate profitability we expect to achieve from next year’s film slate and beyond, positions us for strong financial results in the future."