Lionsgate posts Q3 net profit of $2 million

MUMBAI: Lionsgate, the leading independent filmed entertainment studio, continued its growth momentum, reporting revenues of $290.9 million and net income of $2.0 million for the third quarter.


The company achieved its best revenue performance ever for a fiscal third quarter. Lionsgate reported net income of $2.0 million. Diluted net income per common share was $0.02 on 120.3 million adjusted weighted average common shares outstanding.


The company noted that revenue growth of 14% from the prior year third quarter was driven by strong theatrical box office, international revenue growth and continued strength in television production revenues.


“Our theatrical, television, home entertainment, library, international and digital businesses all achieved continued solid performance in the quarter,” said Lionsgate co-chairman and chief executive officer Jon Feltheimer. “With an anticipated record-breaking revenue and free cash flow quarter ending March 31, we are on track to meet our full year guidance.”


Lionsgate had two hit theatrical releases in the quarter, Saw IV and Tyler Perry’s Why Did I Get Married?, and the company has now had seven hit releases in a row — The Eye, Rambo, Saw IV, Why Did I Get Married?, 3:10 To Yuma, Good Luck, Chuck and War.


Lionsgate’s home entertainment revenue was $105.1 million in the third quarter, reflecting strong sales of Bratz, Skinwalkers and Captivity and continued sales of Delta Farce, Saw III and The Condemned. After the close of the quarter, Lionsgate had the best DVD month in its history in January 2008 as War, 3:10 To Yuma, Good Luck, Chuck and Saw IV all debuted at #1 or #2 on the North American DVD and BluRay charts.