Lionsgate Second Quarter Revenues Increase by 97%

Lions Gate Entertainment Corp. (NYSE:LGF) has announced its 2nd quarter results for the fiscal year 2013. The company reported revenue of $707 million in this quarter. Compared to the 2nd quarter results of 2012 ($358.1 million), the company’s revenue increased by 97%. The official press release of the company states,

"Revenue of $707.0 million in the second quarter increased by 97% compared to $358.1 million in the prior year quarter, driven by strong home entertainment revenue from the global blockbuster THE HUNGER GAMES in packaged media and on demand and digital, domestic theatrical box office revenue from films in the quarter that included THE POSSESSION, THE EXPENDABLES 2, STEP UP REVOLUTION and MADEA’S WITNESS PROTECTION (released at the end of June), as well as strong growth in international revenue."

The spectacular performance of the company has been attributed mainly to the success of the HUNGER GAMES franchise. Apart from producing many successful movies, the production house has also produced popular TV shows like Weeds. The press release further states, "The quarter reflected many of the core values that have driven our growth over the past 12 years – creation and renewal of major film franchises, strong and consistent library performance and contributions from our diverse mix of businesses worldwide," said Lions gate Chief Executive Officer Jon Feltheimer. "With the home entertainment release of the first film in our HUNGER GAMES franchise making significant contributions to our results in the quarter, we’re clearly on track to meet or exceed our expectations this year."  

 In 2012, Lions Gate also produced the movie, starring Hollywood biggies like Sylvester Stallone, Arnold Schwarzenegger and Bruce Willis. The movie, which was made at a budget of $100 million dollars, earned more than $300 million in the box office. The success of such ventures made the company profitable.

On Friday, Lions Gate’s share price increased 14.25 %.

 

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