Lionsgate posts $93 mil loss in Q3
EmptyAn underperforming theatrical-release slate and a weakness in DVD led Lionsgate on Monday to swing to a steep third-quarter loss and warn that it might miss its full-year free cash flow and EBITDA guidance.
Vancouver-based Lionsgate recorded red ink of $93.4 million for the three months ending Dec. 31, compared with earnings of $7.3 million in 2008.
Third-quarter revenue rose 8.4% to $324 million, but Lionsgate said that disappointing theatrical performances by "The Spirit," "Punisher: War Zone" and "Transporter 3" in the latest quarter will negatively affect EBITDA and free cash flow for full-year 2009.
Overall motion picture revenue was $254.9 million, down 2% from a year ago.
Lionsgate's home entertainment revenue slipped 11% to $101.5 million, international revenue fell 8% to $41.1 million, and Mandate Pictures contributed revenue of $8.3 million, down 34% from 2008.
Lionsgate offset those declines with TV production revenue rising 82% to $69.2 million as it delivered more episodes, including "Mad Men" for AMC and "Crash" for Starz. TV revenue that includes the motion picture segment rose 25% to $39 million.
Lionsgate said the TV division remains on track to deliver $250 million in revenue for full-year 2009. (partialdiff)