Lions Gate Entertainment Corp. late Tuesday reported a smaller fiscal third-quarter net loss that still was larger than Wall Street expected, though revenue was higher.
After the markets closed, the independent film and TV studio with headquarters in Santa Monica and Vancouver, B.C. reported a net loss of $65.3 million (55 cents per share) for the quarter ended Dec. 31, compared with a net loss of $97.7 million (84 cents) a year earlier. Revenue rose nearly 15 percent to more than $371 million.
Analysts surveyed by Thomson Reuters expected Lions Gate to have a loss of 22 cents on revenue of $357 million.
Motion picture revenue was down 2 percent, with the company having fewer films in wide release than a year earlier. New releases during the quarter were “Precious,” “Brothers” and “Saw VI.” Television production was up 32 percent as the company delivered new episodes of “Mad Men,” “Crash” and other series. Home entertainment revenue was flat at $95 million, with most of the revenue from the company's film entertainment library
"We were particularly pleased to achieve record library revenues in a challenging home entertainment environment,” said Chief Executive Officer Jon Feltheimer in a press release, adding the company was on track to meet its full-year financial targets.
Shares, which closed up 3 percent to $5.19 on the New York Stock Exchange, fell 3 percent in afterhours trading.
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