Monday, Lions Gate Entertainment Corp. (LGF), a producer of motion pictures and television programming, reported that it made a profit for the second quarter compared to a loss for the previous year quarter, helped by strong gains in television production business, new revenue from TV Guide Network and TV Guide.com and reduced theatrical marketing costs.
The company recorded net income attributable to Lions Gate Entertainment of $31.71 million or $0.26 per share, compared to net loss of $51.81 million or $0.44 loss peer share. The consensus estimate was for earnings per share of $0.06.
Second quarter revenues were $393.7 million, an increase of 3% compared to $380.7 million in the prior year's second quarter, reflecting continued strong growth in television production revenues and new revenue of $27.7 million from TV Guide Network and TV Guide.com in the quarter.
Television included in motion pictures revenue rose to $68.2 million in the second quarter, an increase of 10% from the prior year's second quarter.
Television production revenue increased to $88.9 million in the second quarter, a gain of 30% compared to $68.5 million in the prior year's second quarter,
Theatrical marketing costs in the quarter were $37.6 million, a 66% decline from $109.7 million in the prior year's second quarter.
For the six months, the company recorded net income of $68.1 million or $0.56 per share versus net loss of $48.3 million or $0.41 er share for the previous year period. Revenues for the six months were $781.4 million compared to $679.2 million for the previous year period.
LGF closed Monday's regular trading at $5.41, up $0.31 or 6.08% on a volume of 1.08 million shares on the NYSE. After hours the stock price increased to $5.71, up $0.30 or 5.55%.
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