Lions Gate Entertainment Corp. (NYSE:LGF) posted a mixed fiscal fourth-quarter report on Tuesday as earnings beat expectations, but revenue came in below the Street’s view.
The strong income performance in the fourth quarter came as a result of growth in theatrical and home entertainment revenues, as well as international sales.
In the fiscal fourth quarter, the company saw profit of $46.1 million, or 33 cents a share, compared with a year-ago loss of $22.3 million, or 19 cents a share.
Revenue fell 6% during the quarter to $376.9 million, down from year-ago sales of $430.55 million.
Analysts had predicted earnings of 18 cents a share on revenue of $400.07 million for the fourth quarter, according to a poll by Thomson Reuters.
For the fiscal year, the company said its loss widened to $53.6 million, or 41 cents a share in 2011, compared with a full-year loss of $19.5 million or 17 cents a share in fiscal 2010.
"Strong performances from our television business and our filmed entertainment library contributed to financial results that exceeded our preliminary estimates," said Lionsgate Co-Chairman and Chief Executive Officer Jon Feltheimer, in a release. "We were particularly pleased by near record international sales, reflecting the demand for content in the world marketplace, and rapid growth of high margin digital and on demand revenue.”
Shares of Lions Gate fell a penny in Tuesday’s session, closing the day at $5.93. The stock was initially up 15 cents, or 2.53%, in after-hours trading on the release of results, but gave back its gains about an hour after the bell.