Lionsgate beat Wall Street's expectations and recorded earnings per share of $0.10 for its first quarter of fiscal year 2014, a huge improvement from a year ago when the company reported a small loss. That loss was due to the company's acquisition of Summit Entertainment.
Lionsgate's revenue also climbed to $570 million, a 21 percent boost from the same quarter a year ago. The company's profit and revenue figures both exceeded what analysts ahd predicted, sending the company's stock price up in after-hours trading.
Though motion pictures still constitute the vast majority of Lionsgate's revenue — $438.6 million to be exact — television revenue more than doubled thanks to shows such as “Mad Men,” “Orange is the New Black” and “Nashville.”
Film revenue rose eight percent thanks to home entertainment and international, offsetting a drop in theatrical revenue. Lionsgate released a series of more modest titles in the quarter, such as "Now You See Me" and "Kevin Hart: Let Me Explain."
Lionsgate and Summit's biggest titles this year, "Ender's Game" and "The Hunger Games: Catching Fire" are slated for release this fall.
