Movies

Lions Gate records a loss of $ 28.6 million

MUMBAI: Despite a strong quarter at the box-office thanks to Tyler Perry‘s Madea Goes to Jail, My Bloody Valentine and The Haunting in Connecticut, Lions Gate Entertainment Corp. recorded a loss of $28.6 million, or 25 cents a share, on revenue of $463.2 million, compared with a profit of $29.8 million in the year-earlier period.

The stock of Lions Gate stock fell 5 per cent to $5.96 in after-hours trading Monday after closing at $6.26 up 6 cents. The Santa Monica company was scheduled to hold a conference call with analysts this morning.


The disappointing fiscal fourth quarter caps off a rough 12 months for the independent studio, producer of the Tyler Perry movies and "Weeds" and "Mad Men" cable TV series.


For its fiscal year ended March 31, Lions Gate reported a loss of $163 million on revenue of $1.47 billion. The loss is about $25 million more than it had told analysts to expect in February and more than double last year‘s loss of $74 million.


The studio said disappointing releases in the second fiscal and third quarter were to blame as well as a $36.1million charge it took on its deal to distribute DVDs of Hit Entertainment, which produces videos for the family and children‘s market. Lions Gate also recorded higher movie marketing expenses than in earlier years.
Like much of Hollywood, Lions Gate has been stung by the weakened DVD market, although its home video unit actually had a stronger-than-expected fourth quarter because of the release of titles Bangkok Dangerous and Punisher 2.

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