Lionsgate Q2 loss at $48 million

MUMBAI: Movie studio Lions Gate Entertainment Corp (Lionsgate) has posted a net loss in the second quarter (period ended 30 September) of $48.1 million, as against a loss of $58 million in the year-ago period.

The revenues of the company grew 8 per cent to $380.7 million, compared to $351.7 million in the prior year.

The company said that its plan to reduce staff of 41 positions, including 17 layoffs, and leaving 24 unfilled positions vacant since the start of a hiring freeze in the summer will save about $10 million in overhead a year.

Meanwhile, the overall motion picture revenues came to $312.2 million, up 29 per cent from $242.1 million in 2007. At the same time, theatrical revenue of $34 million was off 25 per cent from a year-ago‘s $45.3 million.

Home entertainment revenue rose 32 per cent to $178.3 million, up from $135.2 million in 2007. And TV revenue from the motion picture segment jumped 65 per cent to $61.9 million.

However, Lionsgate‘s international revenue dropped 8 per cent to $28.5 million, while TV production revenue fell 38 per cent to $68.5 million. Mandate Pictures division, acquired in September 2007, posted a revenue of $21.2 million.

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