Thanks to poorly performing movies like The Spirit, Punisher: War Zone and Transporter 3 as well as disappointing home-video revenue, Lionsgate had a rough Q3, which it announced yesterday afternoon.
Variety: Lionsgate swung to a net loss of $93.4 million in the fiscal third quarter from a profit of $7.3 million in the year-earlier period…
According to the studio, the above three movies grossed less than $60 million domestic and helped push total film revenue down 2% to $254.9 million.
Meanwhile, TV production is still the studio’s cash cow.
fuelled by the delivery of a second season of “Mad Men” and a debut season of “Crash,” TV production soared 82% to $69 million. TV revs from nonproduction sources increased 25% largely due to an 80-episode order for “Tyler Perry’s Meet the Browns.”…
Homevid revenue fell 11% to $101.5 million on the lack of new theatrical titles debuting on DVD as well as the overall softness in retail of DVD that has hampered results across showbiz.
In light of these disappointing earnings but probably helped by the general market downturn, Lionsgate’s stock was down 26% today.