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Lionsgate Latest Media Company to Report Losses

Company cites poor film slate, problems with kids' DVD sales for $93.4 million net losses

By Claire Atkinson -- Broadcasting & Cable, 2/10/2009 9:22:01 AM

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The company said on Monday that its movie slate and softness in the preschool non-theatrical DVD market hurt results despite gains in its TV unit.

For the fiscal third quarter, net losses were $93.4 million compared with net income of $7.3 million in the prior year's quarter. Revenue was $324 million for the quarter ended December 31. Home entertainment revenue saw an 11% fall, to $101.5 million.

TV production revenue in the quarter was up 82%, to $69.2 million, in the quarter, thanks to delivery of the second season of Mad Men and the first season of the TV series Crash, to Starz. Separately, Turner Broadcasting has also ordered 80 episodes of Tyler Perry's Meet the Browns.

Lionsgate is in the midst of acquiring TV Guide Network and its accompanying Website for $255 million. Lionsgate already owns other TV channels including Fearnet, a horror channel and EPIX, a premium channel to be launched with Viacom and MGM.

"During the quarter, we were negatively impacted by some of the same broad economic factors reported by other companies in the media and entertainment sector," said co-chairman and CEO Jon Feltheimer. "However the primary factor contributing to this quarter's loss was the underperformance of our feature film slate."

The company is expected to discuss its results on a conference call on Tuesday morning.

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