Wall Street apparently missed a few nuances in international television licensing, and movie accounting, that contributed to the wide disparities between what analysts thought they’d see from Lionsgate’s June quarter — and what it delivered.

The studio generated $40.7 million in net income, down nearly 6% from the period last year, on revenues of $408.9 million, down 9%. The Street expected revenues to hit $429.8 million. Earnings at 26 cents a share were well ahead of forecasts for 7 cents.

CEO Jon Feltheimer says Lionsgate has “the strongest balance sheet in the Company’s history.” That should make it “exceptionally well positioned” to move “quickly and opportunistically in a dynamic and disruptive industry environment.”

Motion Picture segment revenues fell 17% to $275.4 million with just one wide release in the quarter, The Age of Adaline. But Lionsgate just collected a distribution fee for the Lakeshore Entertainment film — not, as some analysts apparently believed, a share of the box office. Home entertainment revenues from film and TV fell 8.1% to $129.5 million compared to last year which had more releases including The Hunger Games: Catching Fire.

By contrast, Television Production segment revenues were up 14% to$133.6 million. Here the surprise was international licensing of Orange Is The New Black, mostly to digital services.