Lions Gate Reports ProfitThursday, November 8, 2012
Shares of Lions Gate Entertainment Corp. rose 8 percent in late trading on Thursday after the film studio said it moved from a loss to a profit in its fiscal second quarter.
After the markets closed, the company, which has corporate headquarters in Vancouver, British Columbia, but the bulk of operations in Santa Monica, reported net income of $75.5 million (53 cents a share) compared with a net loss of $25.3 million (-19 cents) for the same period a year earlier.
Revenue rose 97 percent to nearly $707 million.
Analysts surveyed by Thomson Reuters on average expected the company to earn 12 cents a share on revenue of $623 million.
Shares had closed down 48 cents, or 3 percent, to $14.60 on the New York Stock Exchange, but gained 8 percent in after-market trading.