MUMBAI: Independent studio Lionsgate has reported first quarter revenues of $387.7 million, which is up 30 per cent as compared to $298.5 million in the previous year’s first quarter.
This reflected growth in television production revenues, growth in overall Motion Picture Group revenues, highlighted by a strong performance from Mandate Pictures, and new revenue of $27.8 million reflecting the first full quarter of revenue from TV Guide Network and TV Guide.com.
Basic net income per common share was $0.31 on 117.1 million weighted average common shares outstanding, compared to basic net income of $0.03 on 118.4 million weighted average common shares outstanding in the prior year’s first quarter.
The company reported adjusted EBITDA of $53 million in the first quarter compared to adjusted EBITDA of $17.4 million for the prior year’s first quarter. Adjustments in the quarter were made for non-cash stock options, stock appreciation rights (SARs) and restricted stock units, certain non-recurring charges and the deduction of Lionsgate’s partners’ share of EBITDA attributed to TV Guide. EBITDA is defined as earnings before interest, income tax provision, depreciation and amortization, equity interests and gains on extinguishment of debt and the sale of equity securities.
"As anticipated, we had a strong and profitable growth quarter that puts us on track to meet our financial targets for the year. We are particularly pleased that, beyond the solid financial story, we saw significant positive developments across nearly all of our businesses, including new distribution and syndication orders for Debmar-Mercury shows, new television series entering the production pipeline, important programming acquisitions for TV Guide Network, the first in a series of anticipated carriage deals for Epix and new branded channel launches in Asia. The real story this quarter was the continued strong growth of our diversified asset base," said Lionsgate co-chairman and CEO Jon Feltheimer.
The company’s filmed entertainment backlog grew to a record $517 million in the first quarter. Filmed entertainment backlog represents the amount of future revenue from films, television programming and video product already licensed but not yet recorded. It does not include unsold rights to this product, typically referred to as library value. General and administrative expenses, including the addition of TV Guide Network and TV Guide.com, were $41.1 million in the first quarter compared to $38.3 million in the prior year’s first quarter.
Overall motion picture revenue for the quarter of $272.7 million increased $15.3 million, or 6 per cent, compared to $257.4 million in the prior year’s first quarter. Within the motion picture segment, theatrical revenue was $22.7 million, a decrease of 26 per cent compared to the prior year first quarter, as the company released only Crank: High Voltage in the quarter, with continued revenue from Fiscal 2009 fourth quarter hits Tyler Perry’s Madea Goes To Jail and The Haunting In Connecticut.
Lionsgate’s home entertainment revenue was $151 million in the quarter, a decline of 6 per cent from the prior year’s first quarter. Television revenue included in motion pictures revenue was $20.6 million in the first quarter, a decline of 29 per cent from the prior year’s first quarter, with a slate of Bangkok Dangerous, Disaster Movie, My Best Friend’s Girl, Saw V, Tyler Perry’s The Family That Preys and W. comparing to a slate of 3:10 To Yuma, Bratz: The Movie, Good Luck Chuck, Saw IV and War in the prior year’s first quarter.
International revenues of $32.5 million in the first quarter declined 5 per cent from the prior year’s first quarter. Principal revenue contributors in the quarter were My Best Friend’s Girl, My Bloody Valentine 3-D and Saw V.
Television production revenue increased to $87.2 million in the first quarter, a gain of 112 per cent compared to $41.1 million in the prior year’s first quarter, reflecting strong contributions in domestic series licensing from Lionsgate Television and Debmar-Mercury, along with new revenue from the Company’s joint venture with ISH Entertainment.