Shares of Lionsgate fell more than 4% in late trading Thursday after the entertainment company reported fiscal third-quarter 2016 results well below Wall Street expectations. The company reported adjusted net income of $40.7 million, or 27 cents a share, for the quarter, compared with $98.2 million, or 70 cents a share, in the year-ago period. Revenue reached $670.5 million in the quarter, down from $751.3 million a year ago. "While the performance of our theatrical film slate resulted in softer than anticipated results, our other businesses performed strongly in the quarter," Lionsgate Chief Executive Officer Jon Feltheimer said in a statement. The company's television business continues to grow, and it expects a "deeper and more diversified" film lineup with lower costs so to "have a clear path to resume our strong and sustainable financial trajectory in fiscal 2017," he said. Analysts polled by FactSet had expected Lionsgate to report earnings of 47 cents a share on sales of $767 million. Lionsgate shares ended the regular Thursday session down 0.7%.
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