Lions Gate 4Q profit, sales beat expectations
Home video sales of 'The Twilight Saga: Breaking Dawn Part 2' help boost Lions Gate's 4Q
LOS ANGELES (AP) -- Lions Gate Entertainment Corp. on Thursday posted fiscal fourth-quarter net income and revenue that topped Wall Street's expectations as it benefited from home video sales of the finale to its hit franchise "Twilight."
Net income in the three months to March 31 amounted $163 million, or $1.10 per share, reversing a loss of $22.7 million, or 17 cents per share, a year ago.
"The Twilight Saga: Breaking Dawn Part 2," grossed $812 million in worldwide ticket sales after its release in November. The movie was released to the home-video market in March.
Excluding one-time items, such as a large adjustment to its taxes, Lions Gate's adjusted earnings for its fourth quarter came to 61 cents per share. That beat the 47 cents per share expected by analysts polled by FactSet.
Revenue grew 22 percent to $785.7 million, also topping the $753 million expected by analysts.
Shares in Lions Gate, which is based in Santa Monica, Calif., rose 3 percent to $28.93 in after-hours trading following the release of results.
