TV, Foreign Sales Spur Lionsgate 3Q Profit9 Feb, 2007 By: Erik Gruenwedel
Citing strong television and foreign sales of horror film Hostel, Tyler Perry's Madea's Family Reunion, The Punisher, Crank and the “Saw” franchise, Lionsgate Feb. 9 posted third quarter (ended Dec. 31) income of $20.5 million, compared to profit of $3.1 million during the same period last year.
Combined TV and foreign revenue topped $58.8 million compared to $34.7 million last year.
Total revenues for the Santa Monica, Calif.-based mini-major, which included a 9% increase in motion picture revenue to $221.6 million, surged 11% to $254.5 million from $229.3 million last year.
Home video revenue, the largest component of the studio's motion picture segment, topped $113.6 million, a 2% decline from $115.9 million last year.
Lionsgate reiterated that the bulk of its DVD release slate is skewed toward the end of fiscal year 2007 (March 31).
Principal DVD drivers in the quarter included Akeelah and the Bee, An American Haunting, the 15th anniversary special edition of Reservoir Dogs, The Descent, Saw II and See No Evil.
Theatrical revenue fell 8% to $46 million, compared to $49.9 million last year, driven by Saw III and Employee of the Month.
Lionsgate executives will discuss the quarterly results in a conference call Feb. 12.