Revenue rises 81 percent but Lionsgate reports a first-quarter loss of $44.2 million due to costs of Summit purchase and film marketing
Lionsgate Entertainment reported Thursday a first-quarter net loss of $44.2 million, or 33 cents a share, compared with a gain of $10.3 million, or 8 cents a share, for the same period a year ago.
Fueled by the release of "The Hunger Games" and other films, revenue jumped 81% to $471.8 million, up from $261.3 million from a year ago. However, costs related to the January purchase of Summit Entertainment and the marketing of four feature films erased hope for gains.
The company reported adjusted income of $17.1 million, but did not offer a per-share figure. Wall Street had expected the company to make 9 cents a share.
Lionsgate shares fell nearly 3% before the close, and were off another 2.6% to $12.90 in light after-hours trading.