Lionsgate Q3 profit drops
EmptyTORONTO -- Despite higher revenue, Canadian producer Lionsgate reported sharply lower third-quarter earnings Monday.
Vancouver-based Lionsgate posted earnings of $1.95 million for the three months ending Dec. 31, compared with a profit of $20.45 million in 2007. Third-quarter revenue came to $290.9 million, up 14% from the year-earlier period.
Total motion picture revenue during the quarter came to $254.1 million, compared with $221.6 million in 2007, with "Saw IV" and "Tyler Perry's Why Did I Get Married?" performing well for Lionsgate during the latest period.
Lionsgate's home entertainment revenue stood at $105.1 million, down from a year-earlier $113.6 million.
Lionsgate also reported $53.8 million in international revenue on the strength of such titles as "Saw IV," "Saw III" and "Good Luck, Chuck."
Lionsgate U.K. contributed $22.4 million during the latest quarter, while TV production revenue came to $36.8 million, with deliveries of episodes of AMC's "Mad Men," Showtime's "Weeds" and ABC Family's "Wildfire."
"Our theatrical, television, home entertainment, library, international and digital businesses all achieved continued solid performance in the quarter," Lionsgate co-chairman and CEO Jon Feltheimer said.