Lionsgate posts Q1 loss on movie releasing expenses
Canadian studio Lionsgate had in The Hunger Games among the biggest teen tentpoles of the last year.
But don’t expect profits just yet.
Vancouver-based Lionsgate on Thursday reported first quarter revenue of $471.8 million, up 81% from fiscal 2012.
But sharply higher marketing expenses to release The Hunger Games and four other movies during the latest frame to June 30 took its toll.
Lionsgate posted a first quarter loss of $44.2 million, against a year-earlier profit of $10.3 million.
Lionsgate CEO Jon Feltheimer in a statement reminded investors that the earnings from The Hunger Games are still to come.
“… with two-thirds of the profitability of the first Hunger Games film still ahead, we anticipate that the combined benefits of our Summit acquisition, the strength of our young adult franchises and the continued evolution of our television business will translate into significant and growing contributions for the balance of our three-year plan,” he stated.
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