Home video helps Lionsgate cut loss
EmptyLower theatrical marketing costs and a strong home entertainment performance enabled Lionsgate to trim its second-quarter loss.
On Monday, Vancouver-based Lionsgate posted a loss of $48.1 million, or 41 cents per share, for the three months ending Sept. 30, compared with a loss of $58 million in 2007.
Analysts surveyed before Monday's earnings report projected a quarterly loss of 15 cents-19 cents a share.
Lionsgate, which last week said it will trim 41 jobs in a bid to cut operating costs, reported second-quarter revenue of $380.7 million, up 8% from a year ago. Higher home entertainment and TV revenue from its motion picture businesses helped offset a decline in theatrical and TV production revenue.
Overall motion picture revenue came to $312.2 million, up 29%. At the same time, theatrical revenue of $34 million was off 25% as Lionsgate dealt with boxoffice duds "Bangkok Dangerous," "Disaster Movie" and "My Best Friend's Girl."
Home entertainment revenue continued on a tear, rising 32% to $178.3 million. TV revenue from the motion picture segment jumped 65% to $61.9 million.
On the down side, Lionsgate's international revenue dropped 8% to $28.5 million, while TV production revenue fell 38% to $68.5 million, owing to the timing of series deliveries. (partialdiff)