TV division boosts Lionsgate profit
Third-quarter revenues up at indie studio
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Films didn't do as well for the indie, as theatrical revenued declined 8% to $46 million in a quarter where most revenue came from "Saw III." Slowness in the DVD market also hurt the company, as homevideo revenue fell 2% to $115.9 million.
Revenue from movie distribution on TV, however, was up 55% at $31.2 million as several hit movies including "Hostel" and "Madea's Family Reunion" hit the window.
TV production revenue was also up a healthy 27% to $26 million. Lionsgate has numerous series in the last three months of 2006 including "Wildfire" on ABC Family and "I Pity the Fool" on TV Land.
Domestic licensing from its acquisition last summer of Debmar-Mercury contributed an extra $4.7 million.
International revenue was up 90% to $14.5 million, thanks primarily to the new Lionsgate U.K. division built on its acquisition of Redbus.
Net income for the quarter was $20.5 million.
Lionsgate stock was up a fraction at $11.19 Friday before earnings were announced.
