The film and TV company had a net loss of $24.6M, an improvement from its $29.7M loss in the quarter last year, on revenues of $358.1M, down 21.5%. That revenue figure was far below the $421.5M that analysts expected. And the net loss, at 18 cents a share, was below the 13 cent loss the Street had forecast. The bottom line could have looked even worse: Lionsgate included the $11.0M it collected from its sale of Maple Pictures. The company also was able to add $6.1M from its 31.2% stake in EPIX vs a $19.8M loss from last year’s quarter. Lionsgate says that it suffered from “underperformance of theatrical films in the quarter” — where releases included the Conan The Barbarian remake, Warrior, and Abduction – as well as “timing of DVD releases which offset gains in the Company’s television and digital businesses.” The movie operation generated $218.9M in revenues, down 36%. That included $22.3M in theatrical revenue, down 71%. Home entertainment revenues improved 15% to $175.0M due in part to the syndication to Netflix of the first four seasons of Mad Men. Revenues for TV productions increased 21% to 139.2M. Home video and international sales account for most of that gain; domestic series licensing dropped 27% to $71.7M from shows including Weeds, Blue Mountain State, Boss, Meet The Browns, and The Wendy Williams Show. “We believe that our film performance will improve significantly and become more consistent as we release some of the potential franchise films on our upcoming slate, and our television and digital businesses and EPIX channel partnership will continue their strong and profitable growth trajectory,” CEO Jon Feltheimer said. Lionsgate has a 51% stake in TV Guide Network and reported separately that the channel ended the quarter with a net loss of $12.5M vs its $7M loss last year, on revenues of $22.6M, down 19.5%.
By DAVID LIEBERMAN, Financial Editor | Wednesday November 9, 2011 @ 7:43am ESTTags: Abduction, Blue Mountain State, Boss, Conan the Barbarian, Epix, Jon Feltheimer, Lionsgate, Lionsgate Finance, Lionsgate Stock, Mad Men, Netflix, The Wendy Williams Show, TV Guide Network, Warrior, Weeds
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This article was printed from http://www.deadline.com/2011/11/lionsgate-says-theatrical-film-woes-to-blame-for-3q-earnings-miss/
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