Lions Gate Entertainment Corp. moved to a better-than-expected profit in its fiscal fourth quarter but the Santa Monica boutique film studio missed Wall Street revenue forecasts.
After the Wednesday markets closed, the company, which has its corporate headquarters in Vancouver, British Columbia, reported net income of $46.2 million (33 cents per share) for the quarter ended March 31, compared with a net loss of $22.3 million (-19 cents) a year earlier. Revenue fell 6 percent to less than $377 million.
Analysts on average expected net income of 20 cents per share on revenue of $391 million.
The company said it benefitted from lower distribution and marketing costs since there were no major releases in the quarter. Expenses fell 18 percent to $319 million.
"Strong performances from our television business and our filmed entertainment library contributed to financial results that exceeded our preliminary estimates," said Chief Executive Jon Feltheime said in a statement.
After earlier falling 6 percent on Wednesday, shares closed up 26 cents, or 6 percent, to $6.19 on the New York Stock Exchange.
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