Lionsgate, still reeling from the fallout from two Hollywood strikes last year, reported a drop in revenue and a narrowing net loss for the June quarter as its Starz division lost 500,000 subscribers.
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Revenue for the quarter was $834.7 million, down 8 percent. The company reported a net loss of $59.4 million, or a loss of 25 cents per share, an improvement from a net loss of $70.7 million in the same period last year. Wall Street analysts on average had been predicting revenue of $857.5 million and a loss of 18 cents per share.
Lionsgate's operating profit was $18.8 million, compared to an operating loss of $16.8 million a year ago.
“We are pleased to report a solid quarter despite unprecedented disruptions to the industry and the aftermath of the labor strikes,” said Jon Feltheimer, CEO of Lionsgate and Lionsgate Studios, in announcing the results. “Our Motion Picture Group, Starz and our library performed well, although financial results in our television segment reflected a highly impacted year. Importantly, we generated significant momentum during and following the quarter by taking a number of steps toward full separation by the end of the calendar year, subject to the timing of normal regulatory approvals.”
