Lions Gate Entertainment Corp. late Tuesday reported a smaller fiscal 2010 net loss on fewer charges than the year before.

After the markets closed, the movie and TV studio reported a full-year net loss $19.5 million (-17 cents a share), compared with a loss of $178.5 million (-$1.53) in fiscal 2009.

The loss includes a $28.1 million loss for equity interests, primarily relating to Epix's $26.6 million loss, said the movie studio, which has corporate headquarters in Vancouver, British Columbia but operates out of Santa Monica.

Full-year revenue rose 8 percent to $1.58 billion. Lionsgate did not break out fourth quarter figures.

Earlier in the day Carl Icahn announced that he would again extend his $7-a-share offer to buy Lions Gate, and has relaxed some of his conditions for purchasing shares. The studio continues to reject his offer as too low.

The Icahn Group’s latest tender offer was to expire at the end of today. The billionaire and activist investor extended his offer to June 16, saying that 4.7 million shares so far have been validly tendered. That’s about 4 percent of the studio's total outstanding shares.

Icahn, who last month began discussions with the movie and television studio, waived a minimum tender condition. When his offer expires, Icahn said he will buy whatever shares are still tendered. That reverses a previous condition that he would buy shares only if it would give him control of the company.

Icahn owns almost 19 percent of Lions Gate shares, and has been in a battle for control of the boutique studio for several months. Icahn has extended his tender offer deadline several times.

The company has a “poison-pill” shareholders rights plan in place that would prevent any investor from taking a stake greater than 20 percent. But Canadian courts have ruled the plan is illegal.

“We continue to be concerned that the board may engage in an inappropriate dilutive defensive acquisition or other transaction in an attempt to thwart our offer,” Icahn said in a statement. “We will not sit idly by if the board attempts to employ inappropriate defensive tactics.”

Lions Gate said it will review the revised offer and make a recommendation to shareholders, but its tone continued to be unsupportive of the bid.

“Shareholders have demonstrated that they believe the Icahn Group’s offer is financially inadequate,” the company said in a statement. “Lions Gate appreciates the continued support of its shareholders and notes that, while there is no need for shareholders to take action at this time, those shareholders who have tendered into the offer can still withdraw their shares.”

Shares closed up 3 cents, or less than a percent, to $6.84 on the New York Stock Exchange.

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