Digest: Lionsgate posts 2nd-quarter loss
EmptyLionsgate on Thursday posted a second-quarter loss as higher theatrical revenue offset lower home video and TV production revenue. Lionsgate posted a loss of $14.4 million compared with a loss of $14.1 million a year ago. Overall revenue climbed 3.4% to $218.1 million. Theatrical revenue hit $20.5 million during the latest quarter, up 9% thanks to the boxoffice success of "The Descent" and "Crank." Lionsgate released "Saw III" after its second quarter had closed. Home-video revenue came in at $115.1 million, off 4%, with business coming mainly from "Akeelah and the Bee" and "Ultimate Avengers 2." Lionsgate shares were up fractionally Thursday to $10.65 though they fell as much as 2% after hours.
Crown Media slump
Crown Media Holdings Inc., operator of the Hallmark cable channel, said Thursday that its third-quarter loss widened as sales slumped and costs increased. Net loss for the quarter was $84.3 million compared with a loss of $65.8 million a year ago. Revenue for the quarter was $47.3 million, down from $50.7 million last year. Separately, the company said it appointed Brian Stewart chief financial officer, effective immediately. Stewart has served as interim chief financial officer since September when William Aliber resigned. Shares of Crown Media gained 5.6% on Thursday to $3.79.
E.W. Scripps Co. said Thursday that its October revenue climbed 8.8% to $91.8 million at its Scripps Network division comprising HGTV, Food Network, DIY Network and other cable channels. Revenue at newspapers managed solely by Scripps dropped 2.6% compared with a year ago, while revenue at its broadcast television stations surged 47% to $45.1 million on the strength of political advertising. The company said it now expects total revenue at the television station group to be up about 20% in the fourth quarter, compared with its previous forecast of an 11%-13% rise. Shares of Scripps, which also reiterated previously guidance of as much as 13% revenue growth at Scripps Networks for the fourth quarter, fell fractionally Thursday to $50.14.