Lions Gate Posts Loss on Marketing Costs
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Lions Gate Entertainment Corp. reported a loss for its second quarter, citing marketing costs for two films.
The independent movie and television studio, based in Vancouver, Canada, and in Santa Monica, posted a net loss of $14.1 million, or 14 cents a share, for the quarter ended Sept. 30. That contrasted with a profit of $8.3 million, or 8 cents, a year earlier. Revenue fell 8% to $212.6 million.
The company said it spent $35 million to promote the wide releases of “Lords of War,” starring Nicolas Cage, and “The Devil’s Rejects,” contributing to a loss of $26 million on those films. The studio predicted that they would be profitable after they are released to DVD and pay television.
Lions Gate shares fell to $9.55 in extended trading after closing down 7 cents to $10 in regular trading.
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