HOLLYWOOD — Healthy boosts in both film and TV operations helped Canadian producer and distributor Lions Gate Entertainment get back in the black for its fiscal first quarter.
The Vancouver-based company, which earlier this month closed on a new $200 million credit facility led by Chase Securities, posted net income of $1.7 million for the three-month period ended June 30. That compared with a loss of $3.5 million in the same period of the previous fiscal year.
Motion picture revenue jumped 43% in the latest quarter to $31.4 million, helped by the theatrical release of “American Psycho.” TV revenue leapt fourfold to $14 million in a quarter that saw $10 million in sales from the delivery of seven hours of the “Higher Ground” series to Fox Family for U.S. distribution, WIC for Canada and Paramount worldwide.
Overall, Lions Gate’s revenue climbed 93% to $54.4 million.
Lions Gate’s 45% stake in Mandalay Pictures struck one of the few downbeat notes in the quarter. The equity investment represented a loss of $700,000 for Lions Gate, including a $200,000 operating loss and $500,000 in deferred startup costs. Revenue from Lions Gate’s studio facilities unit was off 17% in the quarter, at $1.5 million.