Lions Gate Posts Net of $2.7 Million

Flush with earnings from surprise hit “Monster’s Ball,” Lions Gate Entertainment Corp. reported a fiscal first-quarter profit Wednesday as the DVD and video release of the Oscar-winning film helped to double revenue from a year earlier.

The Vancouver, Canada-based film and television producer and distributor reported net income of $2.7 million, or 4 cents a share, for the quarter ended June 30, contrasted with a loss of $335,000, or 3 cents a share, a year earlier. Revenue rose to $94.2 million from $45.1 million.

“ ‘Monster’s Ball’ is the story,” said Lions Gate Chief Executive Jon Feltheimer.

Motion picture group revenue rose 130% from a year earlier to $69.5 million. The film generated $24.3 million in video revenue during the quarter and has become the most profitable movie in the company’s history.

Television revenue grew to $12.2 million from $8.7 million a year earlier as the company began delivering “The Dead Zone” to USA Network. The studio facilities division also saw revenue grow to $1.4 million from $1.1 million.

Lions Gate shares fell 2 cents to close at $2.35 on the American Stock Exchange.