Lions Gate Decreases Quarterly Loss10 Aug, 2004 By: Erik Gruenwedel
Record revenue of more than $188 million for the first quarter fiscal 2005 (ended June 30) helped Lions Gate Entertainment post a decreased net loss of $11.5 million, or 12 cents per diluted share, compared to a net loss of $13.2 million, or 28 cents per share during the same period last year.
Video releases of The Cooler, Girl With a Pearl Earring, Step Into Liquid and catalog titles such as Cabin Fever, Reservoir Dogs, Wonderland and House of the Dead, helped generate $75.4 million ($49.6 million catalog), or more than 47 percent of $159 million in motion picture revenue for the quarter.
Principle costs for the quarter included $55 million in theatrical marketing and distribution costs for The Punisher, Godsend and Fahrenheit 9/11.
The Punisher, Godsend and the first six days of the theatrical release of Michael Moore's controversial documentary generated $36.1 million in revenue.
Company officials said its has unit DVD shipments of 1.3 million and 2 million, respectively, on tap for Godsend and The Punisher.
Lions Gate, which began trading Monday on the New York Stock Exchange, said Fahrenheit would remain in theaters beyond its slated early October home video release by Columbia TriStar Home Entertainment for the upcoming award season, among other objectives.
Lions Gate said it is in talks with Moore to distribute his next film, Sicko, which focuses on the American healthcare system.