The theatrical success of pics like 'Forbidden Kingdom' helped Lionsgate increase revenues and get into the black.
Lionsgate posted stellar numbers in the fiscal first quarter as revenue shot up 50% and net profit swung to $7.1 million from a year-ago loss of $53.1 million.
The company attributed the results to double-digit revenue gains in every division plus lower P&A costs.
Total revenue reached $298.5 million, 86% of which came from motion pictures. A lot of coin came from homevid titles such as “Rambo,” “The Eye,” “Witless Protection,” “3:10 to Yuma” and “Bella.”
Theatrical bow “The Forbidden Kingdom” and carryovers from the fourth quarter like “The Bank Job” and “Meet the Browns” also padded the tally.
Television production revenue hit $41.1 million, up 45% from $28.4 million year ago, on new seasons of “Mad Men” and “Weeds,” among others.
Lionsgate stock gained more than 2% Friday to close at $10.48, within a dime of its 52-week high.
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