Lionsgate Posts $32 Million Q2 Profit9 Nov, 2009 By: Erik Gruenwedel
Lionsgate reported second-quarter (ended Sept. 30) net income of $31.7 million, compared to a loss of $51.8 million during the prior-year comparable period.
The Santa Monica, Calif.-based mini-major attributed the reversal in part to $27.7 million in new revenue from recently acquired TV Guide Network and TVGuide.com.
Overall revenue increased 3% to nearly $394 million, compared to almost $381 million last year.
Lionsgate home entertainment revenue fell 25% to $123.4 million undermined in part by lower-converting box office titles from the same period last year.
Specifically, the studio said home entertainment sales, including digital, for Crank: High Voltage, The Haunting in Connecticut and Horsemen coupled with residual sales from New in Town and Tyler Perry’s I Can Do Bad All By Myself compared unfavorably to physical and digital revenue generated last year by The Forbidden Kingdom, Tyler Perry’s Meet the Browns, The Bank Job and Rambo.
Overall motion picture revenue declined 11% to $277 million, compared to $312 million last year. Theatrical revenue dropped 11% to $30 million.
TV revenue rose to $68.2 million in the quarter, an increase of 10% from the prior year's quarter, with a slate of Saw V, Tyler Perry's The Family That Preys, Transporter 3, Bangkok Dangerous, Disaster Movie, My Best Friend's Girl, Religulous and W., comparing favorably to a slate of 3:10 to Yuma, Good Luck Chuck, Saw IV, War and Tyler Perry's Why Did I Get Married? last year.
Lionsgate executives will discuss the results in a conference call Nov. 10.