By : Erik Gruenwedel | Posted: 09 Feb 2010
Lionsgate reported a loss of $65.5 million in the third quarter (ended Dec. 31), despite the home entertainment segment delivering record revenue from its catalog. It reported a loss of $97.8 million during the prior-year period.
The Santa Monica, Calif.-based mini-major reported a loss of $97.8 million during the previous year period.
Home entertainment revenue was $95 million in the quarter, relatively unchanged compared to $94.6 million in the prior year's third quarter.
Notable was the dearth of new release theatrical titles contributing to home entertainment revenue in the quarter, which resulted in Lionsgate reporting the best ever quarter for library sales.
Theatrical revenue topped $49 million, a decrease of 29% compared to the third quarter last year, as Lionsgate released Oscar-nominated (best picture) Precious, Brothers and Saw VI in the quarter compared to five releases, four of them wide releases, in the prior year's third quarter.
Overall, revenue increased 15% to nearly $372 million compared to $324 million last year, due primarily to increases in television production revenue and new revenue of $29 million from TV Guide Network and TVGuide.com.
Lionsgate executives will discuss the financial results in a conference call Feb. 10.