'Perros,' 'Pierre' perk profits, but co. still $517K in red
HOLLYWOOD — Lions Gate Entertainment posted a narrowed fiscal first-quarter loss on Thursday. Execs credited good perfs by a pair of arthouse releases.
The Vancouver-based film and TV company reported $517,000 in red ink in the three-month period ended June 30. That compared with a loss of $10.6 million in the same quarter of the previous fiscal year.
Lions Gate’s revenue swelled 27% to $69.5 million in the latest quarter. In addition to good box office for specialty pics “Amores Perros” and “The Widow of St. Pierre,” execs said homevid and other library sales were revenue drivers. The company also noted its TV production was up in the quarter.
“We have continued our momentum throughout our filmed-entertainment businesses, and we are on track with our business plan,” CEO Jon Feltheimer said. “We believe that the foundation we’re building will translate into positive results for the rest of the year.”