Shares of Lions Gate Entertainment Corp. fell 6% on Thursday after the company reported first-quarter 2016 earnings with net income of $40.7 million, or 26 cents per share, compared with $43.3 million, or 30 cents per share in the same period a year ago. Excluding non-recurring items adjusted basic EPS were 33 cents. The FactSet consensus was for EPS of 7 cents. The company's revenues fell to $409 million, compared with $449 million in the prior year period. The FactSet consensus on revenue was $430 million. The company said revenue fell amid a sharp decline in motion picture and home entertainment revenue. Shares of Lions Gate are up 10% in the year to date, while the S&P is up 1%.
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