Lions Gate FQ1 Profit Up 200%
Lions Gate Entertainment (NYSE: LGF) shares are getting a boost Friday following its earnings report.
The entertainment company's profit grew by more than 200 percent and beat expectations, though much of the improvement stemmed from cost cutting.
Revenue fell 21 percent to $449.4 million with only two wide theatrical releases in the quarter compared to three last year. TV revenue included fewer deliveries of Mad Men, whose seventh season has been split.
Net income of $43 million, or $0.30 per share, topped expectations of $0.17 per share, while expenses fell to $401.6 million from $536.3 million.
Chief Executive Officer Jon Feltheimer told investors Thursday that during the recent quarter, "we used our strengths as an innovative pure play content company to position ourselves for continued growth and profitability."
Lions Gate recently traded up 4.5 percent at $31.74.
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