Santa Monica-based Lionsgate today reported a net loss of $24.6 million — or 18 cents per basic common share — for the second quarter of fiscal year 2012, which ended Sept. 30.
The company attributes the loss primarily to underperformance of theatrical films in the quarter and timing of DVD releases that offset gains in the Company’s television and digital businesses.
There were only two major theatrical titles released on DVD in the quarter compared to three theatrical titles on DVD in the prior year’s second quarter.
The prior year’s quarter also included the theatrical release of one of the Company’s highest-grossing films, “The Expendables.”
“Although we were disappointed by the performance of our films in the quarter, we were pleased with the strong and growing contributions of all of our other core businesses,” said Lionsgate Co-Chairman and Chief Executive Officer Jon Feltheimer. “We believe that our film performance will improve significantly and become more consistent as we release some of the potential franchise films on our upcoming slate, and our television and digital businesses and EPIX channel partnership will continue their strong and profitable growth trajectory.”