The company reported a 2nd quarter net loss of $29.7 million compared to net income of $31.7 million same quarter last year. But Lionsgate did report revenue of $456.3 million, an increase of 25% over last year. The revenue rise was boosted mainly by increases in theatrical box office — Lionsgate released The Expendables, The Last Exorcism and Alpha & Omega this past quarter — as well as international and television production. The loss was due to a rise in marketing costs but also could be partially blamed on fighting its biggest shareholder, Carl Icahn, as charges associated with a July 20 debt-to-equity conversion as well as hefty legal bills contributed to the drop. Lionsgate and Icahn, who have been waging a campaign to take control of the company, are prepping to go face-to-face at the annual shareholders meeting set for December 14.
Lionsgate's 2nd Quarter Swings To Loss
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