The production company’s shares dove more than 8% in initial after-hours trading — but recovered to a more modest loss later — after it released what appears to be a dreary report. Lionsgate had a net loss of $1.7M in the last three months of the year vs a $6M loss at the end of 2010, on revenues of $343M, down 23.6%. Analysts expected revenues to be much higher, at $358.8M. The company’s net loss, at 1 cent a share, also contrasts with the 9 cent profit that the Street anticipated. Lionsgate says that revenues suffered from the lack of a wide theatrical release in the quarter; last year it had three. As a result, motion picture revenues fell 28.6% to $233.3M. TV production was down by 6.8% to $89.7M. Home entertainment also struggled with revenues from movie releases of $128.9M (-28.8%) — slightly offset by $34M for TV shows (+108.6%). Lionsgate said it made $7.3M from its 31,2% stake in EPIX, an improvement from the $11.1M loss on the investment in the same quarter in 2010. But that was somewhat offset by the $2.1M loss on its 51% of TV Guide Network a slight increase from the $2M loss last year. CEO Jon Feltheimer urged investors to look forward to the February 11 home video release of Twilight Saga Breaking Dawn 1 — from its just-acquired Summit Entertainment — as well as the theatrical release of The Hunger Games on March 23 and Twilight Saga: Breaking Dawn 2 on November 16. They will “lead a strong combined slate that we believe will enable us to deliver increased consistency, profitability and value to our shareholders,” he said. Lionsgate will brief analysts on its results and plans tomorrow morning.
Lionsgate Shares Down On Fiscal Q3 Earnings Miss
What's Hot on Deadline
Peter Jackson Confirms Ashley Judd & Mira Sorvino Claims Harvey Weinstein Blacklisted Them From 'LOTR'
Latest Film News
- ‘Detroit’ Breakout Algee Smith On Michigan Mayhem & Kathryn Bigelow: “A Leader That’s Not Afraid To Trust”…
- Peter Jackson Rebukes Harvey Weinstein’s Denial On Ashley Judd & Mira Sorvino
- Beware: How Global One Management's Questionable Practices Entangled Politicians, Child Actors And The Homeless
- New York’s Famed Lincoln Plaza Art House Theatre Scheduled To Close In January
- After Merger, SAG-AFTRA Constitution Dropped "Sexual Harassment" As Specific Cause For Expelling Members
- ‘Wonder Wheel’ Production Designer On The Artist Who Has Breathed New Life Into Woody Allen’s Films