MONTREAL — Canuck film and TV company Lions Gate Entertainment Corp. reported increased revenue but plunging profits for the first quarter of its fiscal year.
Revenue for the three months ended June 30 was C$28.2 million ($19.2 million), up 55% from the same period last year, when the company generated revenues of $12.4 million. Net loss for the quarter, excluding an operating loss at Mandalay Pictures, was $2.3 million. In the same period last year, the company earned $17,000.
Including the Mandalay Pictures losses, Lions Gate’s losses for the quarter were $3.1 million. Lions Gate owns a 45% stake in Mandalay Pictures, but it picks up 100% of the operating losses.
Lions Gate’s TV sector continues to lag behind the film division in revenue because the company’s deliveries kick in later this year.
Lions Gate-owned Termite Art Prods. delivered four hours of TV programming, while Lions Gate Television delivered the TV movie “First Daughter.” Company is in the midst of producing “Hope Island” for the Pax TV network and “Cliffhangers” for Paramount.