Lionsgate posts lower Q1 revenue

The studio reported revenues of $408.9 million for the three months ending June 30, down from $449.4 million for the same quarter a year earlier.

Lionsgate reported on Thursday lower revenues and net income on a year-over-year basis for its first quarter of fiscal 2016.

The studio reported revenues of $408.9 million for the three months ending June 30, down from $449.4 million in the same quarter a year earlier. The net income for Q1 was $40.7 million, compared to $43.3 million for the same quarter last year.

Lionsgate’s motion picture division overall reported revenues of $275.4 million, down from $331.9 million on a year-over-year basis. The theatrical revenue within the division also dropped to $23.1 million, which the report attributed to Lionsgate only receiving a distribution fee for its one wide release in the quarter, The Age of Adaline.

The company’s home entertainment revenue in the motion picture segment for the first quarter was $129.5 million, a drop from $140.9 million a year earlier. Lionsgate attributed that drop to fewer titles being released via home entertainment platforms in this quarter. The report noted the decrease was offset by gains in increased home entertainment revenue for television programming.

Lionsgate’s television production segment revenue grew by 14% to $133.6 million, up from $117.5 million in the same quarter a year earlier. The growth was driven by a 73% increase in international television revenue stemming from licensing revenue for the first three seasons of Orange is the New Black. The growth was offset by a decline  in domestic television revenues, which was attributed to timing of deliveries. Lionsgate said in the report report it expects to add 16 new original series its programming pipeline during this fiscal year.