Tags: Lions | Gate | Loss | icahn

Lions Gate Swings to Loss as Revenue Falls, Costs Rise

Tuesday, 10 Aug 2010 10:26 AM

Movie studio Lions Gate Entertainment Corp., which is fending off takeover attempts by billionaire Carl Icahn, posted a loss in its fiscal first-quarter as the cost of releasing movies jumped while revenue fell.

The company said it lost a net $64.1 million, or 54 cents per share, in the three months to June 30. That reversed net income of $36.3 million, or 30 cents per share, a year earlier.

Revenue fell 14 percent to $326.6 million, after the company sold off part of its TV Guide Network channel and stopped including its sales in its earnings.

Home entertainment revenue also fell and unit Mandate Pictures revenue declined from a record quarter the previous year. Costs rose due to the release of three wide-release movies in the quarter compared with one in the year-ago period.

On an adjusted basis, the company still reported a loss of $13.7 million, or roughly 10 cents per share.

Analysts surveyed by Thomson Reuters had expected earnings of 4 cents per share on revenue of $401 million.

Shares fell 5 cents to $6.53 in after-hours trading Monday, after gaining 10 cents, or 1.5 percent, to close at $6.58 in the regular session.

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Movie studio Lions Gate Entertainment Corp., which is fending off takeover attempts by billionaire Carl Icahn, posted a loss in its fiscal first-quarter as the cost of releasing movies jumped while revenue fell. The company said it lost a net $64.1 million, or 54 cents per...
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2010-26-10
Tuesday, 10 Aug 2010 10:26 AM
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