Lionsgate DVD revenue drops 10% on weak slate
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Arts Alliance America recently held a screening of Run Granny Run with film star Doris “Granny D” Haddock in Keen, N.H.
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Overall, studio reported loss of $53.1 million in fiscal Q1
By Jennifer Netherby -- Video Business, 8/9/2007
AUG. 9 | A weaker new release slate dragged Lionsgate home entertainment revenue down 10% to $103.8 million during the company’s fiscal first quarter, the indie studio said Thursday.
Pride, Tyler Perry film Daddy’s Little Girls and Happily N’ever After led disc sales for the period but weren’t big enough to outsell last year’s slate, driven by Perry’s Madea’s Family Reunion and plays Madea Goes to Jail and Why Did I Get Married?
The studio’s library sales held steady at $53 million, the company said.
Overall, the studio reported a loss of $53.1 million for the quarter ended June 30, compared to a loss of $3.6 million the previous year. Most of the loss, $47 million, was due to higher theatrical marketing costs on its expanded release slate.
Revenue was up 15% to $198.7 million.
“Although we are disappointed in the weakness of the early part of our theatrical slate, this performance is offset by our diversification and the overperformance of our other businesses as well as the recognition that the strongest part of our slate is still ahead,” said Jon Feltheimer, Lionsgate co-chairman and CEO.
Major theatrical releases in the quarter Away From Her, Hostel 2, The Condemned, Delta Farce and Bug are all headed to DVD in the coming months.
The company will hold a conference call Friday morning to discuss results.
