Lionsgate Posts 2Q Loss
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ThE MaStEr
2010-11-10
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Lionsgate Posts 2Q Loss
November 10, 2010
Lionsgate's second quarter revenue rose by 25 percent to $456.3 million, but the independent studio recorded a net Loss in the period of $29.7 million, versus the year-ago profit of $31.7 million.
Lionsgate spent an additional $59.7 million in marketing theatrical features as compared with last year, releasing four films in the quarter, versus just two in the comparable 2009 period. The quarter also included equity interest losses of $20.7 million and a $14.5 million non cash charge related to the extinguishment of debt in connection with the July 20 deleveraging transaction. The studio also spent $4 million in legal fees related to shareholder activist activities.
"We had a strong quarter with adjusted EBITDA and free cash flow trending positive and on track for our full year numbers, although higher theatrical marketing costs associated with our larger slate of films impacted quarter-to-quarter comparisons," said Jon Feltheimer, co-chairman and CEO. "We continued to generate strong momentum across our diverse slate of businesses, especially in television and channels, and hit films such as The Expendables and The Last Exorcism underscored the diversity of our film slate and the strength of our financial model."
Overall motion picture revenue was $341.0 million, a 23-percent hike. Home entertainment revenue from both motion pictures and television was $132.1 million, down 5 percent. Television included in motion picture revenue (primarily pay television) was $78.3 million, an increase of 15 percent. International motion picture revenue of $37.5 million (excluding Lionsgate U.K.) increased 166 percent. Lionsgate U.K. revenue also increased, by 16 percent to $15.6 million. Mandate Pictures' revenue of $8.5 million in the second quarter declined 67 percent from the prior year's second quarter due to a smaller slate this year.
Television production revenue gained 30 percent to $115.3 million in the second quarter.
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