LIONS GATE ROARS BACK

LIONS GATE ROARS BACK

Lions Gate, which earlier this year was squarely in the sights of corporate raider Carl Icahn after reporting a series of quarterly losses, continued to roar back in its latest quarter. The entertainment company, based in Canada and California, swung to a $31.7 million net profit in the quarter compared with a net loss of $51.8 million during the comparable quarter a year ago. While the company reported a substantial downturn in its cinema and home entertainment businesses, it was easily offset by solid performances from its TV units, which grew 30 percent thanks to the popularity of such shows as Weeds, Mad Men , and Crash. TV syndication and international TV sales also soared during the quarter. Going forward, the company is likely to reap huge rewards from Precious , which had a record-breaking opening in limited release over the weekend and is listed high on the list of most critics as an Oscar contender. Lions Gate purchased the movie at Sundance for just $5.5 million.

10/11/2009