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Lionsgate's fourth-quarter net income falls 70%

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Lionsgate reported revenue of $721.9 million, down 8 percent.
The film and television studio's stock was down 6% to $27.76 in after-hours trading.

Santa Monica-based Lionsgate reported net income of $49.2 million for the fourth quarter ending March 31, a drop of 70% from the same period a year earlier.

The film and television studio reported revenue of $721.9 million, down 8%. The company posted earnings per share of 33 cents, off from $1.10 from a year earlier.

Lionsgate, the producer of the blockbuster "The Hunger Games" film franchise, missed the expectations of analysts who had predicted earnings per share of 39 cents, according to data from research firm Zacks.

Shares of Lionsgate rose 75 cents on Thursday to close at $29.53. The stock then dropped in extended trading after the company released its earnings. 

The stock was down 6% to $27.76 in after-hours trading. 

The studio lacked a major theatrical success during the quarter. The sci-fi thriller "Divergent" was released March 21, about a week before the quarter ended. The movie, which stars Shailene Woodley and was made by the company's Summit Entertainment unit, went on to gross $267 million worldwide, according to Box Office Mojo. 

Other pictures distributed by Lionsgate during the quarter disappointed. "I, Frankenstein," produced by Lakeshore Entertainment, grossed $71 million worldwide, and "The Legend of Hercules," produced by Millennium Films, took in $61 million. 

Lionsgate also reported annual results on Thursday.

The company posted annual net income of $152 million, down from $232 million in the prior year. It reported annual revenue of $2.63 billion, down from $2.71 billion a year earlier.

The studio partly attributed the drop-off to a smaller film slate: Lionsgate had 13 wide release during the fiscal year versus 19 in the prior year.

Copyright © 2014, Los Angeles Times
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