Lions Gate Entertainment Corp. (LGF: Quote) Monday reported a swing to profit in the third quarter from a loss last year, driven mainly by the blockbuster performance of 'The Twilight Saga: Breaking Dawn - Part 2.'
Lion Gate's revenues for the quarter surged 130 percent to $743.6 million from $323.0 million last year. Ten analysts polled by Thomson Reuters had consensus revenue estimate of $707.02 million for the quarter.
Revenue growth mainly reflect the blockbuster box office performance of 'The Twilight Saga: Breaking Dawn - Part 2' and several other films. Revenue were also boosted by strong home entertainment and international business and increased pay television revenues.
Breaking Dawn - Part 2-- the fifth and final installment in the Twilight series, was released on November 16, 2012 and grossed in $290 million in domestic box office with worldwide total of $821.8 million, driven mainly by the loyal fan base of the franchisee.
Chief Executive Jon Feltheimer said, "The quarter reflected not only the impact of our young adult franchises but strong contributions from the rest of our theatrical releases and our home entertainment and international operations."
Motion picture revenues for the third quarter rose 189 percent to $673.5 million, which includes the strong performance of Breaking Dawn - Part 2 along with Sinister, The Impossible and several other titles.
Last year, Lions Gate completed the acquisition of Summit Entertainment, thus gaining Summit's Twilight Saga film franchise, which has grossed more than $3.3 billion at the worldwide box office. Lions Gate acquired Summit for $412.5 million.
Lions Gate reported third-quarter profit of $37.8 million or $0.27 per share, compared to loss of $1.40 million or $0.01 per share last year.
Excluding a loss of $14.7 million related to the early payment of the balance of the Summit term loan, Lions Gate's adjusted earnings for the quarter were $0.37 per share, above analysts' estimate of $0.16 per share. Analysts' estimates typically exclude special items.
LGF closed Monday's trading at $19.74, up $0.61 or 3.19%, on the NYSE. The stock further gained $0.20 or 1.01% in the after-hours trading.
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by RTT Staff Writer
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