Despite "Hunger Games" boost, Lionsgate reports net loss of $22.7 million due to costs from Summit acquisition
Lionsgate Entertainment on Wednesday reported a rise in revenue in the fourth quarter driven by its blockbuster film "The Hunger Games" but suffered a setback from costs related to its acquisition of Summit Entertainment.
Also read: Done Deal: Lionsgate Buys Summit for $412.5M
The Santa Monica, Calif.-based entertainment company acquired Summit Entertainment for $412.5 million in January.
Lionsgate said total revenue rose to $645.2 million from an adjusted revenue of $376.92 million a year earlier. It reported a net loss of $22.7 million, or 17 cents per diluted share, after a profit of $48.7 million, or 34 cents per diluted share a year before.
The company's revenue was in line with Wall Street's expectations of $643.1 million, according to Thomson-Reuters.
Shares of the company were down about 6 percent in after-market trading after closing at $12.85 on the New York Stock Exchange.