DAILY NEWS Feb 12, 2013 8:51 AM - 0 comments

Lionsgate Reports Q3 Results

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2013-02-12

 Lionsgate has today reported revenue of $743.6 million, EBITDA of $66.2 million, adjusted EBITDA of $87.2 million and net income of $37.8 million or $0.28 per basic share for the third quarter of Fiscal 2013 (quarter ended December 31, 2012).

Revenue of $743.6 million in the third quarter increased by 130% compared to $323.0 million in the prior year quarter, driven by the domestic theatrical box office performance of THE TWILIGHT SAGA: BREAKING DAWN – PART 2 and several other films, continued strong home entertainment and international revenue and increased pay television revenue.

EBITDA of $66.2 million and adjusted EBITDA of $87.2 million in the third quarter compared to EBITDA of $16.6 million and adjusted EBITDA of $27.3 million in the prior year quarter.

Net income of $37.8 million in the third quarter compared to net loss of $(1.4) million in the prior year quarter. The Company noted that, excluding the $14.7 million noncash expense for extinguishment of debt related to the early payment of the balance of the Summit term loan, net income as adjusted was $52.4 million or $0.39 per basic share.

Profitability and EBITDA growth in the third quarter compared to the prior year quarter was attributable to strong performances of the Company's theatrical, home entertainment and international businesses which more than offset increased marketing costs for a larger slate of films.

Basic net income per common share for the third quarter was $0.28 on 135.0 million weighted average common shares outstanding, compared to basic net loss per common share of $(0.01) on 126.5 million weighted average common shares outstanding in the prior year quarter.

The Company reported $125.2 million in free cash flow in the third quarter compared to free cash flow of negative $(37.0) million in the prior year quarter.

Revenue for the nine months ended December 31, 2012 was $1.92 billion compared to $942.4 million in the prior year nine-month period. EBITDA of $156.9 million and adjusted EBITDA of $214.1 million for the nine-month period compared to EBITDA of $38.4 million and adjusted EBITDA of $41.5 million for the prior year nine-month period.

Net income of $69.2 million or $0.52 basic net income per common share for the nine months ended December 31, 2012 compared to net loss of $(16.4) million or $(0.12) basic net loss per common share for the prior year nine-month period.

Lionsgate's filmed entertainment backlog, or already contracted future revenue not yet recorded, was $1.2 billion at December 31, 2012.

"The quarter reflected not only the impact of our young adult franchises but strong contributions from the rest of our theatrical releases and our home entertainment and international operations," said Lionsgate Chief Executive Officer Jon Feltheimer. "Our revenue growth compared to the prior year quarter was matched by continued strong EBITDA and free cash flow that will enable us to continue our focus on optimizing our capital structure and deleveraging our balance sheet."

Overall motion picture revenue for the third quarter was $673.5 million, an increase of 189% from the prior year quarter reflecting strong gains in most categories. Within the motion picture segment, theatrical revenue in the quarter was $192.9 million compared to $8.4 million in the prior year quarter, an increase attributable to the box office performance of THE TWILIGHT SAGA: BREAKING DAWN – PART 2, SINISTER, THE IMPOSSIBLE and several other titles. The TWILIGHT SAGA BREAKING DAWN – PART 2 will have a March 2, 2013 home entertainment release.

Lionsgate's home entertainment revenue from both motion pictures and television was $233.0 million in the third quarter, a 43% increase from the prior year quarter driven by a diverse mix of titles including THE EXPENDABLES 2, STEP UP REVOLUTION, MADEA'S WITNESS PROTECTION, CABIN IN THE WOODS, WHAT TO EXPECT WHEN YOU'RE EXPECTING, ARBITRAGE and continued revenue from THE HUNGER GAMES, released on DVD and digital in August.

Television revenue included in motion picture revenue was $98.8 million in the third quarter, a fourfold increase from the prior year quarter driven by contributions from THE HUNGER GAMES, THE TWILIGHT SAGA: BREAKING DAWN – PART 1 and GOOD DEEDS.

International motion picture revenue of $89.5 million (excluding Lionsgate U.K.) for the third quarter increased six times over from the prior year quarter driven by the strong international theatrical performances of THE TWILIGHT SAGA: BREAKING DAWN – PART 2 and STEP UP REVOLUTION.

Lionsgate U.K. revenue was $36.6 million, an increase of 120% from the prior year quarter, on the strength of a diversified theatrical slate driven by THE EXPENDABLES 2 and WHAT TO EXPECT WHEN YOU'RE EXPECTING, Lionsgate U.K. and third-party titles MAGIC MIKE and KEITH LEMON: THE FILM and the continued strong performance of THE HUNGER GAMES.

Television production revenue was $70.1 million in the third quarter, a decline of 22% compared to the prior year quarter, as strong international sales of ANGER MANAGEMENT, MAD MEN Seasons 3, 4 and 5 and WEEDS Season 8 were offset by revenue declines in domestic series licensing due to timing.


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