UPDATE: Lions Gate FQ2 Profit Drops 99%

Lions Gate Entertainment LGF reported a 99% drop in its fiscal second-quarter profit. Lions Gate's quarterly profit declined to $505,000, or breakeven per share, versus a year-ago profit of $75.5 million, or $0.53 per share. Excluding one-time items, it earned $0.18 per share. Its revenue dropped 29% to $498.7 million. However, analysts were projecting a loss of $0.08 per share on revenue of $529 million. Lions Gate shares closed at $32.14 yesterday.