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Lions Gate Entertainment Corp. (LGF) posted a loss of 33 cents a share, down 41 cents from the year-ago quarter‘s earnings of 8 cents. The disappointing results came on the back of higher marketing costs related to films as well as expenses related to the acquisition of Summit Entertainment. The Zacks Consensus Estimate for the quarter was for a profit of 9 cents per share.
Total revenue in the quarter jumped 81% year over year to $471.8 million, driven by strong North American theatrical and home entertainment revenues. Moreover, the reported revenue surpassed the Zacks Consensus Estimate of $448 million.
Segment wise, Motion Pictures’ revenue of $406.5 million increased 111.1% from the prior year. Within Motion Pictures, revenues increased across Theatrical (significantly up to $137.6 million from $27.1 million), Home Entertainment (up 52.8% to $132.6 million), International Film (up to $48.6 million from $11.6 million), Lions Gate UK (up 160.8% to $32.6 million) and Mandate Pictures (up 30.6% to $12.8 million), while Television marked a decline (down 14.3% to $37.1 million).
Television Production revenue decreased 4.9% year over year to $65.3 million, reflecting a decrease of 18.2% in total domestic series licensing revenue to $40.8 million along with a 14.3% decline in International revenue to $10.8 million, partly offset by increased revenue from Home entertainment category of television production.
During the quarter, the company reported adjusted EBITDA of $17.1, significantly down from $27.5 million in the first quarter of 2012.
Lions Gate ended the quarter with cash and cash equivalents of $67.6 million with film obligations and production loans of $403.3 million and shareholders’ equity of $47.9 million. The company generated a free cash flow of $13.1 million during the quarter.
Earlier this year, Lions Gate acquired Summit Entertainment to further expand its filmed entertainment library, while boosting feature film and home entertainment offerings.
Moreover, the company’s production and distribution capacity is largely benefited by the integration of Summit's film operations. In addition, it will also facilitate Lions Gate to emerge as a leading international sales group by broadening its global reach.
The company’s filmed entertainment backlogincreased to $992 million, reflecting strong future revenues, which is encouraging.
Lions Gate is a film studio engaged in the production and distribution of motion pictures for theater and straight-to-video release and also television programming for cable and broadcast networks. The company has a strong track record of producing small and mid-budget specialty films. Lions Gate competes with other major studios, such as Fox Entertainment Group, Paramount Motion Pictures Group and Time Warner Inc. (TWX).
Currently, we have a long-term “Neutral” recommendation on the stock. Moreover, Lions Gate holds a Zacks #3 Rank that translates into a short-term “Hold” rating.