MUMBAI: US film and entertainment company Lionsgate has reported
revenue of $1.59 billion, EBITDA of $45.2 million, adjusted
$71.6 million and net loss of $39.1 million for the year ended
the previous fiscal the net loss stood at $30.4 million.
entertainment library revenues increased to a record $416
million in the fiscal year, an 11 per cent increase from the
fourth quarter revenue for the recently concluded fiscal was
$645.2 million, EBITDA of $6.8 million, adjusted EBITDA of
$30.0 million and net loss of $22.7 million.
of $645.2 million in the fourth quarter increased by 71 per
cent compared to $376.9 million in the prior year quarter,
theatrical revenue of the global blockbuster 'The Hunger Games'
eight days in North American theatrical release, the home
entertainment release of 'The Twilight Saga: Breaking Dawn-
and television and library revenues.
of $6.8 million and adjusted EBITDA of $30.0 million in the
fourth quarter compared to EBITDA of $63.0 million and adjusted
of $67.9 million in the prior year quarter.
loss of $22.7 million in the fourth quarter compared to net
income of $48.7 million in the prior year quarter, due in
part to $36 million in transaction and purchase accounting
costs associated with the January 2012 acquisition of Summit
Entertainment, including $10 million in transaction and severance
costs and a $26 million impact on the profitability of the
home entertainment release of 'The Twilight Saga: Breaking
Dawn- Part 1' due to the application of purchase accounting
required by GAAP.
quarter results were also affected by theatrical marketing
costs for four releases in the quarter, including 'The Hunger
Games', an additional $16 million in advance theatrical marketing
costs for fiscal 2013 film releases and $13 million in increased
stock appreciation rights related to the increase in the Company's
stock price in the quarter.
were no theatrical releases with marketing costs in the prior
year quarter. Increased interest expense along with the factors
affecting EBITDA discussed above contributed to the net loss
in the quarter.
CEO Jon Feltheimer said, "Fiscal 2012 was a milestone
year with the acquisition of Summit Entertainment, the rollout
of our record-breaking film 'The Hunger Games', continued
growth in library revenues and the increasing profitability
of our diversified television business. With substantially
all of the profitability of the first 'Hunger Games' film
and this November's release of 'The Twilight Saga: Breaking
Dawn Part 2' still ahead of us, we have great visibility
and have set the stage for anticipated strong EBITDA, free
cash flow and earnings in the years ahead."
2012 revenues were comparable to fiscal 2011 as record television
revenues of $397 million and theatrical revenue growth offset
declines in home entertainment, international film and pay
TV revenue due to a smaller theatrical slate. Only eight days
of the North American theatrical revenues of 'The Hunger Games',
released on 23 March 2012 are included in fiscal 2012 financial
company reported EBITDA of $45.2 million and adjusted EBITDA
of $71.6 million for the fiscal year compared to EBITDA of
$33.1 million and adjusted EBITDA of $77.3 million in the
prior year. The increased EBITDA reflected growth in television
and library profitability, reduced theatrical marketing costs,
increased equity interest income and a one-time gain on the
sale of Maple Pictures offset in part by the factors described
above affecting the fourth quarter, including transaction
and severance costs associated with the Summit acquisition
and increased stock appreciation rights related to the increase
in the Company's stock price in the fourth quarter, as well
as under performance of certain films earlier in the year.
loss of $39.1 million in fiscal 2012 compared to net loss
of $30.4 million in the prior year due to higher interest
costs partially offset by the increased EBITDA discussed above.
Basic net loss per common share for the fiscal year was $0.30
on 132.2 million weighted average common shares outstanding,
compared to basic net loss per common share of $0.23 on 131.2
million weighted average common shares outstanding in the
interest income was $8.4 million in the fiscal year compared
to a loss of $20.7 million in the prior year, with the turnaround
to profitability primarily attributable to the Company's interest
filmed entertainment backlog reached $1 billion at March 31
2012, its sixth consecutive quarter of growth, driven in part
by incorporation of the Summit Entertainment backlog. Filmed
entertainment backlog represents the amount of future revenue
not yet recorded from contracts for the licensing of films
and television product for television exhibition and in international
motion picture revenue for 2012 was $1.19 billion, a decrease
of 3 per cent from the prior year. Within the motion picture
segment, theatrical revenue was $208.9 million, an increase
of two per cent from the prior year, attributable to the strength
of the first eight days of 'The Hunger Games' in North American
theatrical release which offset the impact of a significantly
smaller overall theatrical slate compared to the prior year.
home entertainment revenue from both motion pictures and television
was $683.5 million in the fiscal year compared to $690.0 million
in the prior year. Revenue from home entertainment releases
of television programming increased by 87 per cent from the
prior year and, coupled with the February 2012 home entertainment
release of 'The Twilight Saga: Breaking Dawn Part 1',
offset declines attributable to a smaller film slate.
revenue included in motion picture revenue was $119.9 million
in the fiscal year, a decrease of 14 per cent from the prior
year. International motion picture revenue of $112.9 million
(excluding Lionsgate UK) for the fiscal year decreased 11
per cent from the prior year due to a smaller overall theatrical
slate. Despite a smaller number of releases compared to the
prior year, Lionsgate UK revenue grew by 28 per cent to $101.5
million, driven primarily by the first eight days of 'The
Hunger Games' in UK release and 'The Expendables'.
Pictures' revenue grew by 43 per cent to $55.4 million in
the fiscal year on the strength of titles such as '50/50',
'A Very Harold And Kumar 3D Christmas' and 'Young Adult'.
production revenue was a record $397.3 million in the fiscal
year, an increase of 13 per cent from the prior year driven
by home entertainment releases of television programming,
primarily the digital media revenue from the first four seasons
of 'Mad Men' and digital media revenue from the first five
seasons of 'Weeds'.
media revenue, which is included in home entertainment revenue
discussed above and includes electronic sell-through, video
on demand and revenue from other digital media platforms,
increased by 38 per cent in the fiscal to $193 million.
G&A expenses in the fiscal year were $168.9 million, a
one per cent decline from the prior year as decreased costs
related to shareholder activism offset one-time severance
and transaction costs related to the acquisition of Summit
Entertainment, higher G&A of the combined entity and increases
in stock appreciation rights associated with the increase
in the company's stock price.