Lions Gate Shares Climb on EarningsMonday, February 11, 2013
Shares of Lions Gate Entertainment Corp. hit an all-time high on Monday as the Santa Monica independent studio swung to a third quarter profit, due in part to box-office smash “Twilight.”
The studio on Monday reported net income of $38 million for the quarter ended Dec. 31, compared with a loss $1.7 million the same quarter the year before. Revenue was $744 million, up 130 percent.
Much of the growth was due to the studio’s January 2012 acquisition of Summit Entertainment, which gave Lions Gate the “Twilight” series. The third and final film in the series, “The Twilight Saga: Breaking Dawn Part 2,” was released in November and has grossed $828 million worldwide.
Home entertainment revenue also increased 43 percent to $233 million due to sales for titles such as “Hunger Games” and “Expendables 2.”
Shares closed up 3 percent to $19.74.