Lionsgate turns first quarter profit, sending shares to new high

Stock in Lionsgate reached a new all-time high after the Canadian-based studio posted first-quarter earnings that indicated underlying strength from home entertainment, digital media and TV production.

Vancouver-based Lionsgate swung to a profit of $13.6 million for the three months to June 30, compared to a loss of $44.2 million for the same period of 2012, on total revenue up 21% to $569.7 million.

The motion picture segment revenues rose 8% to $438.6 million, even as theatrical box office revenue was down as Lionsgate’s Q1 for 2012 included most of the domestic release of the first Hunger Games movies.

At the same time, Lionsgate went to the upside on home entertainment revenue, which rose 16% to $169.4 million, while digital media revenue jumped 21% to $63.2 million.

And the Canadian producer’s TV production revenue for popular series like Anger Management, Mad Men and Orange is the New Black for Netflix doubled to $131.1 million.

“We’re pleased with our first quarter results, with particularly strong contributions from our diversified television slate, packaged and digital media and our robust international performance,” Lionsgate CEO Jon Feltheimer said in a statement Thursday.

Shares in Lionsgate touched a new high of $34.70 in trading on the New York Stock Exchange ahead of the financial release Thursday, and were trending higher in post-market trading.