Tyler Perry continues to deliver for Lionsgate, which announced a net profit of $12.2 million for the first quarter on Tuesday, as compared to a loss of $64.1 million in the same frame last year.
The company did report a decrease in revenue, but that is because Lionsgate only released one movie in the quarter – “Tyler Perry’s Madea’s Big Happy Family.” "Family" was a modest success, taking in $53.6 at the box office.
That stands in contrast to the underperforming three-flick slate from the first quarter of last year -- "Killers," "Kick Ass" and "Why Did I Get Married Too?"
Lionsgate's earnings bested analyst expectations, which had pegged the company for a loss of $0.05 a share. Instead, it registered profits of $0.09 a share. Its revenue came in lower the expectations of $311 million, which the company also attributed to the timing of its releases.
Those better-than-predicted numbers were not just a result of lower theatrical costs but also "increased contributions from the Company's television business and a significant reduction in G&A expenses related to shareholder activism."