Home vid, TV cut into Lionsgate numbers
EmptyTORONTO -- Lionsgate on Thursday posted a second-quarter loss as lower home video and TV production revenues offset higher theatrical revenues.
Vancouver-based Lionsgate posted a loss of $14.4 million for the three months to Sept. 30, just off a loss of $14.1 million in 2006. Overall revenues climbed to $218.1 million, against a year-earlier $211 million.
Theatrical revenues hit $20.5 million during the latest quarter, up 9% from $18.8 million in 2006, due to boxoffice receipts for "The Descent" and "Crank," according to Lionsgate. Lionsgate released boxoffice hit "Saw 3" after its second quarter had closed. The company's international theatrical revenues jumped 73% to $17.1 million, against a year-earlier $9.9 million.
Home video revenues came in at $115.1 million, off 4% from $119.9 million in 2006, as business came mainly from "Akeelah and the Bee" and "Ultimate Avengers 2."
Elsewhere, TV production revenues fell 26%, from $42.7 million to $31.6 million, during the latest quarter owing to lower international TV revenue and lower domestic licensing revenue.
CEO Jon Feltheimer in a statement said Lionsgate's core business continued to perform "strongly" as Lionsgate was on track to meet fiscal 2007 projections. The company will hold an analyst call Friday morning.
"Our recent acquisition of the television syndication company Debmar-Mercury, the launch of our FEARNet branded horror channel, our addition of important new family entertainment franchises, strong international results and the consistent performance of our theatrical boxoffice franchises all underscore our continued steady growth," he added.