Lionsgate’s financial story for the first three months of this year isn’t great — but it isn’t as bad as the company allows it to seem.

The basic numbers tell us that net income at $19.6 million, fell 60.2% vs the period last year on revenues of $646.1 million, down 10.5%. The top line is below analyst expectations for $672.3 million. And earnings at 14 cents a share are well below projections for 32 cents.

But if you dig into the footnotes you’ll see that the quarter had a lot of non-recurring costs including charges tied to the move of its international sales operation to London, stock based compensation, and a loss tied to a debt refinancing, Without those, earnings would have come in at 41 cents. vs 46 cents a year ago.

CEO Jon Feltheimer preferred to focus on the full year results which he described as “very strong” due to “a stellar performance from our television business, complemented by a great year on the strategic front.” He adds that initiatives in location-based entertainment, video streaming, video games, virtual reality, and in China as well as “the strongest balance sheet in the Company’s history” leave Lionsgate “very well positioned to capitalize on opportunities throughout our global environment.”

The earnings release and annual report, filed at the SEC, only provide full-year data about the performance of Lionsgate’s divisions. The company may offer more information about the quarter tomorrow morning when it holds a conference call with analysts.