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Lions Gate Entertainment Corp. (LGF) announced its financial results for the second quarter of fiscal year 2013, reporting a 29% decrease in revenue. Last year this quarter Lions Gate revenues were $707.0M but fell to $498.7M. Earnings beat analyst expectations, with company making $0.5M and $0.00 per share, down from $75.5M and $0.56 per share a year ago. Analysts had expected a loss as the mini-studio paid down some of its debt early. CEO Jon Feltheimer did not seem at all concerned as he commented that Lions Gate has been making strides to improve the quality of its balance sheet while also continuing to diversify its business. Lions Gate expects the launch of its next Hunger Games installment on November 22 to continue propelling the company forward.
Stifel, Nicolaus analyst Benjamin Mogil said in a first reaction: "Although revenue was a little lighter, on television deliveries, the company saw better margins at its film segment, and strong marketing cost controls aided results."