SANTA MONICA, Calif. and
VANCOUVER, B.C., Aug. 4, 2016 /PRNewswire/ -- Lionsgate (NYSE:
LGF) today reported revenue of $553.6
million, adjusted EBITDA of $40.7
million, adjusted net income attributable to Lionsgate
shareholders of $29.5 million or
adjusted basic EPS of $0.20, and net
income attributable to Lionsgate shareholders of $1.3 million or basic EPS of $0.01 for the first quarter of fiscal 2017
(quarter ended June 30, 2016).
"In addition to a very solid performance across all of our
businesses, the most significant development in the quarter was our
agreement to acquire Starz," said Lionsgate Chief Executive Officer
Jon Feltheimer. "Upon closing,
it will be the largest and most transformative transaction in our
history. The combination will accelerate the growth and
diversification of both companies, deepening our portfolio of
content, expanding our access to distribution, streamlining our
pathways to the consumer and unlocking enormous opportunities for
future growth."
Strong Revenue Gains in Television and Film
Revenue of $553.6 million for the
quarter grew 35% from the prior-year quarter driven by strong gains
in Television Production revenue as well as revenue gains in all
categories of the Motion Pictures segment.
Increased Television Production revenue was led by strong growth
in domestic television series licensing and inclusion of
$27.3 million in revenue from Pilgrim
Media Group which more than offset declines from international
television sales and home entertainment revenue from television
programming. Domestic television series episodes and hours
delivered in the quarter more than tripled those of the prior-year
quarter.
Net income attributable to Lionsgate shareholders for the
quarter of $1.3 million or basic EPS
of $0.01 on 147.2 million weighted
average number of common shares outstanding compared to net income
attributable to Lionsgate shareholders of $40.7 million or basic EPS of $0.28 on 147.6 million weighted average number of
common shares outstanding during the prior year quarter.
Adjusted EBITDA of $40.7 million
for the quarter compared to adjusted EBITDA of $71.0 million in the prior year quarter.
Adjusted net income attributable to Lionsgate shareholders of
$29.5 million or adjusted basic EPS
of $0.20 for the quarter compared to
adjusted net income attributable to Lionsgate shareholders of
$49.3 million or adjusted basic EPS
of $0.33 in the prior year
quarter.
Declines in adjusted EBITDA and EPS were attributable in part to
higher marketing and distribution costs for a theatrical slate that
included two wide releases in the quarter compared to no wide
theatrical releases with associated marketing costs in the prior
year quarter. Increased G&A in the quarter was due in
part to one-time professional fees and other costs associated with
Lionsgate's agreement to acquire Starz.
Overall Motion Picture segment revenue was $362.5 million in the quarter compared to
$275.4 million in the prior year
quarter. Theatrical revenue more than doubled in the quarter
to $47.2 million due to a larger wide
release slate than in the prior year quarter. Television
revenues from the Motion Picture segment increased 10% to
$53.3 million. Lionsgate's home
entertainment revenue from motion picture and television
production for the quarter was $150.3
million, a 16% increase from the prior year quarter,
reflecting four wide theatrical releases compared to two wide
theatrical releases in the prior year quarter.
International Motion Picture segment revenue increased 34%
to $113.8 million in the quarter
driven by the international box office performance of Now You
See Me 2, which has already grossed more than $300 million at the global box office, and the
continued performance of the fiscal 2016 releases Gods of
Egypt, The Divergent
Series: Allegiant, and The Hunger Games: Mockingjay—Part
2 as well as the Lionsgate UK release of Eddie the
Eagle.
64 Episodes and 49 Hours of Domestic Television Series
Delivered in the Quarter
The Television Production segment continued its strong
performance. In the quarter, 64 episodes and 49 hours of
domestic television series were delivered, led by Greenleaf,
a breakout success in its debut season on OWN, Monica the
Medium, Casual, Feed the Beast, Graves,
Guilt and Nashville as
well as the game and talk shows Family Feud, The
Wendy Williams Show and Celebrity Name Game and the
reality series The Ultimate Fighter and Street
Outlaws from Pilgrim Media Group. International
television revenue for the quarter declined compared to the prior
year quarter that included revenue from Orange is the New
Black's international licensing deal with Netflix.
Lionsgate's filmed entertainment backlog, or already contracted
future revenue not yet recorded, exceeded a record $1.5 billion at June 30,
2016.
During the quarter, the Company declared a quarterly cash
dividend of $0.09 per common share
payable on August 5, 2016 to
shareholders of record as of June 30,
2016.
Lionsgate senior management will hold its analyst and investor
conference call to discuss its first quarter fiscal 2017 financial
results at 5:00 PM ET/2:00 PM PT today, Thursday, August 4.
Interested parties may participate live in the conference call by
calling 1-800-230-1092 (612-288-0340 outside the U.S. and
Canada). A full digital
replay will be available from Friday, August 5, through
Friday, August 12, by dialing
1-800-475-6701 (320-365-3844 outside the U.S. and Canada) and using access code 398706.
ABOUT LIONSGATE
Lionsgate is a premier next generation global content leader
with a diversified presence in motion picture production and
distribution, television programming and syndication, home
entertainment, international distribution and sales, branded
channel platforms, interactive ventures and games, and
location-based entertainment. The Company has nearly 80
television shows on 40 different networks spanning its primetime
production, distribution and syndication businesses. These
include the ground-breaking hit series Orange is the New
Black, the fan favorite drama series Nashville, the syndication success The
Wendy Williams Show, the breakout series The Royals and
the Golden Globe-nominated dramedy Casual.
The Company's feature film business spans eight labels and
includes the blockbuster Hunger Games franchise,
the Now You See Me, Divergent and John Wick
series, Sicario, The Age of Adaline,
Roadside Attractions' Love &
Mercy and Mr. Holmes, Codeblack Films'
Addicted and breakout concert film Kevin Hart: Let Me Explain and Pantelion
Films' Instructions Not Included, the highest-grossing
Spanish-language film ever released in the U.S.
Lionsgate's home entertainment business is an industry leader in
box office-to-DVD and box office-to-VOD revenue conversion rates.
Lionsgate handles a prestigious and prolific library of
approximately 16,000 motion picture and television titles that is
an important source of recurring revenue and serves as a foundation
for the growth of the Company's core businesses. The Lionsgate and
Summit brands remain synonymous with original, daring, quality
entertainment in markets around the
world. www.lionsgate.com
For further information, Investors should contact:
James Marsh
310-255-3651
jmarsh@lionsgate.com
For Media inquiries, please contact:
Peter Wilkes
310-255-3726
pwilkes@lionsgate.com
The matters discussed in this press release include
forward-looking statements, including those regarding the
performance of future fiscal years. Such statements are
subject to a number of risks and uncertainties. Actual results in
the future could differ materially and adversely from those
described in the forward-looking statements as a result of various
important factors, including the substantial investment of capital
required to produce and market films and television series,
increased costs for producing and marketing feature films and
television series, budget overruns, limitations imposed by our
credit facility and notes, unpredictability of the commercial
success of our motion pictures and television programming, the cost
of defending our intellectual property, difficulties in integrating
acquired businesses, risks related to our acquisition strategy and
integration of acquired businesses, including our proposed
acquisition of Starz, the effects of disposition of businesses or
assets, technological changes and other trends affecting the
entertainment industry, and the risk factors as set forth in
Lionsgate's Quarterly Report on Form 10-Q, filed with the
Securities and Exchange Commission (the "SEC") on August 4, 2016, which risk factors are
incorporated herein by reference. The Company undertakes no
obligation to publicly release the result of any revisions to these
forward-looking statements that may be made to reflect any future
events or circumstances.
LIONS GATE
ENTERTAINMENT CORP.
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
June 30,
2016
|
|
March 31,
2016
|
|
(Amounts in
thousands,
except share
amounts)
|
ASSETS
|
|
|
|
Cash and cash
equivalents
|
$
|
69,897
|
|
|
$
|
57,742
|
|
Restricted
cash
|
10,801
|
|
|
2,906
|
|
Accounts receivable,
net of reserves for returns and allowances of $42,218 (March 31,
2016 - $51,809) and provision for doubtful accounts of $5,939
(March 31, 2016 - $6,014)
|
899,721
|
|
|
1,049,289
|
|
Investment in films
and television programs, net
|
1,429,279
|
|
|
1,478,296
|
|
Property and
equipment, net
|
42,815
|
|
|
43,384
|
|
Investments
|
493,139
|
|
|
464,346
|
|
Goodwill
|
534,780
|
|
|
534,780
|
|
Other
assets
|
67,965
|
|
|
69,075
|
|
Deferred tax
assets
|
166,863
|
|
|
134,421
|
|
Total
assets
|
$
|
3,715,260
|
|
|
$
|
3,834,239
|
|
LIABILITIES
|
|
|
|
Senior revolving
credit facility
|
$
|
220,970
|
|
|
$
|
156,136
|
|
5.25% Senior
Notes
|
221,240
|
|
|
220,796
|
|
Term Loan
|
388,701
|
|
|
388,207
|
|
Accounts payable and
accrued liabilities
|
288,806
|
|
|
377,698
|
|
Participations and
residuals
|
650,698
|
|
|
607,358
|
|
Film obligations and
production loans
|
560,877
|
|
|
715,018
|
|
Convertible senior
subordinated notes
|
100,555
|
|
|
99,984
|
|
Deferred
revenue
|
321,566
|
|
|
328,244
|
|
Total
liabilities
|
2,753,413
|
|
|
2,893,441
|
|
Commitments and
contingencies
|
|
|
|
Redeemable
noncontrolling interest
|
91,776
|
|
|
90,525
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
Common shares, no par
value, 500,000,000 shares authorized, 147,638,816 shares issued
(March 31, 2016 - 146,785,940 shares)
|
903,207
|
|
|
885,800
|
|
Retained
earnings
|
—
|
|
|
7,584
|
|
Accumulated other
comprehensive loss
|
(33,136)
|
|
|
(43,111)
|
|
Total shareholders'
equity
|
870,071
|
|
|
850,273
|
|
Total liabilities and
shareholders' equity
|
$
|
3,715,260
|
|
|
$
|
3,834,239
|
|
LIONS GATE
ENTERTAINMENT CORP.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|
|
Three Months
Ended
|
|
June
30,
|
|
2016
|
|
2015
|
|
(Amounts in
thousands, except per share amounts)
|
Revenues
|
$
|
553,575
|
|
|
$
|
408,941
|
|
Expenses:
|
|
|
|
Direct
operating
|
366,276
|
|
|
230,310
|
|
Distribution and
marketing
|
125,039
|
|
|
71,924
|
|
General and
administration
|
78,667
|
|
|
60,712
|
|
Depreciation and
amortization
|
5,616
|
|
|
1,830
|
|
Total
expenses
|
575,598
|
|
|
364,776
|
|
Operating income
(loss)
|
(22,023)
|
|
|
44,165
|
|
Other expenses
(income):
|
|
|
|
Interest
expense
|
|
|
|
Cash
interest
|
12,892
|
|
|
10,371
|
|
Amortization of debt
discount and deferred financing costs
|
2,342
|
|
|
2,254
|
|
Total interest
expense
|
15,234
|
|
|
12,625
|
|
Interest and other
income
|
(949)
|
|
|
(600)
|
|
Total other expenses,
net
|
14,285
|
|
|
12,025
|
|
Income (loss)
before equity interests and income taxes
|
(36,308)
|
|
|
32,140
|
|
Equity interests
income
|
10,846
|
|
|
11,388
|
|
Income (loss)
before income taxes
|
(25,462)
|
|
|
43,528
|
|
Income tax provision
(benefit)
|
(26,302)
|
|
|
2,844
|
|
Net
income
|
840
|
|
|
40,684
|
|
Less: Net loss
attributable to noncontrolling interest
|
414
|
|
|
—
|
|
Net income
attributable to Lions Gate Entertainment Corp.
shareholders
|
$
|
1,254
|
|
|
$
|
40,684
|
|
|
|
|
|
Per share
information attributable to Lions Gate Entertainment Corp.
shareholders:
|
|
|
|
Basic net income
per common share
|
$
|
0.01
|
|
|
$
|
0.28
|
|
Diluted net income
per common share
|
$
|
0.01
|
|
|
$
|
0.26
|
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
Basic
|
147,215
|
|
|
147,619
|
|
Diluted
|
149,611
|
|
|
157,498
|
|
|
|
|
|
Dividends declared
per common share
|
$
|
0.09
|
|
|
$
|
0.07
|
|
LIONS GATE
ENTERTAINMENT CORP.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
Three Months
Ended
|
|
June
30,
|
|
2016
|
|
2015
|
|
(Amounts in
thousands)
|
Operating
Activities:
|
|
|
|
Net income
|
$
|
840
|
|
|
$
|
40,684
|
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities:
|
|
|
|
Depreciation and
amortization
|
5,616
|
|
|
1,830
|
|
Amortization of films
and television programs
|
292,394
|
|
|
160,419
|
|
Amortization of debt
discount and deferred financing costs
|
2,342
|
|
|
2,254
|
|
Non-cash share-based
compensation
|
21,731
|
|
|
16,591
|
|
Other non-cash
items
|
1,250
|
|
|
—
|
|
Equity interests
income
|
(10,846)
|
|
|
(11,388)
|
|
Deferred income
taxes
|
(30,720)
|
|
|
791
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Restricted
cash
|
(7,895)
|
|
|
—
|
|
Accounts receivable,
net
|
145,962
|
|
|
134,173
|
|
Investment in films
and television programs
|
(250,011)
|
|
|
(315,861)
|
|
Other
assets
|
702
|
|
|
(2,514)
|
|
Accounts payable and
accrued liabilities
|
(70,861)
|
|
|
(95,336)
|
|
Participations and
residuals
|
43,590
|
|
|
29,916
|
|
Film
obligations
|
5,518
|
|
|
(9,218)
|
|
Deferred
revenue
|
(6,523)
|
|
|
16,776
|
|
Net Cash Flows
Provided By (Used In) Operating Activities
|
143,089
|
|
|
(30,883)
|
|
Investing
Activities:
|
|
|
|
Investment in equity
method investees
|
(4,172)
|
|
|
(800)
|
|
Purchases of property
and equipment
|
(2,906)
|
|
|
(3,248)
|
|
Net Cash Flows
Used In Investing Activities
|
(7,078)
|
|
|
(4,048)
|
|
Financing
Activities:
|
|
|
|
Senior revolving
credit facility - borrowings
|
185,000
|
|
|
—
|
|
Senior revolving
credit facility - repayments
|
(121,000)
|
|
|
—
|
|
Term Loan -
borrowings, net of deferred financing costs of $616 in
2015
|
—
|
|
|
24,384
|
|
Convertible senior
subordinated notes - repurchases
|
—
|
|
|
(5)
|
|
Production loans -
borrowings
|
63,263
|
|
|
203,087
|
|
Production loans -
repayments
|
(222,730)
|
|
|
(74,276)
|
|
Dividends
paid
|
(13,210)
|
|
|
(10,187)
|
|
Distributions from
noncontrolling interest
|
(2,159)
|
|
|
—
|
|
Excess tax benefits
on equity-based compensation awards
|
—
|
|
|
45
|
|
Exercise of stock
options
|
423
|
|
|
3,118
|
|
Tax withholding
required on equity awards
|
(13,752)
|
|
|
(16,082)
|
|
Net Cash Flows
Provided By (Used In) Financing Activities
|
(124,165)
|
|
|
130,084
|
|
Net Change In Cash
And Cash Equivalents
|
11,846
|
|
|
95,153
|
|
Foreign Exchange
Effects on Cash
|
309
|
|
|
(1,300)
|
|
Cash and Cash
Equivalents - Beginning Of Period
|
57,742
|
|
|
102,697
|
|
Cash and Cash
Equivalents - End Of Period
|
$
|
69,897
|
|
|
$
|
196,550
|
|
LIONS GATE ENTERTAINMENT CORP.
USE OF NON-GAAP FINANCIAL MEASURES
This earnings release presents EBITDA, Adjusted EBITDA, free
cash flow, adjusted net income attributable to Lions Gate
Entertainment Corp. (the "Company," "we," "us" or "our")
shareholders, and adjusted earnings per share, all of which are
important financial measures for the Company but are not financial
measures defined by generally accepted accounting principles
("GAAP").
These measures are non-GAAP financial measures as defined in
Regulation G promulgated by the Securities and Exchange Commission
(the "SEC") and are in addition to, not a substitute for, or
superior to, measures of financial performance prepared in
accordance with United States
("U.S.") GAAP.
We believe these non-GAAP measures to be meaningful indicators
of our performance that provide useful information to investors
regarding our financial condition and results of operations and
cash flows before non-operating items. These non-GAAP
measures are commonly used in the entertainment industry and by
financial analysts and others who follow the industry to measure
operating performance. However, not all companies calculate these
measures in the same manner and the measures as presented may not
be comparable to similarly titled measures presented by other
companies.
These measures should be reviewed in conjunction with the
relevant GAAP financial measures and are not presented as
alternative measures of operating income, cash flow, net income, or
earnings (loss) per share as determined in accordance with GAAP.
Definitions and reconciliations of the adjusted metrics utilized to
their corresponding GAAP metrics are provided below.
EBITDA and Adjusted EBITDA
EBITDA is defined as earnings before interest, income tax
provision or benefit, and depreciation and amortization.
Adjusted EBITDA represents EBITDA as defined above adjusted for
stock-based compensation, purchase accounting and related
adjustments, restructuring and other items, non-cash imputed
interest charge, start-up losses of new business initiatives, and
backstopped prints and advertising expense.
Free Cash Flow
Free cash flow is defined as net cash flows provided by (used
in) operating activities, less purchases of property and equipment,
plus or minus the net increase or decrease in production loans, and
plus or minus excess tax benefits on equity-based compensation
awards if applicable. The adjustment for the production loans is
made because the GAAP based cash flows from operations reflects a
non-cash reduction of cash flows for the cost of films and
television programs associated with production loans prior to the
time the Company actually pays for the film or television program.
The Company believes that it is more meaningful to reflect the
impact of the payment for these films and television programs in
its free cash flow when the payments are actually made.
Adjusted Net Income Attributable to Lions Gate
Entertainment Corp. Shareholders, and Adjusted Earnings Per
Share
Adjusted net income attributable to Lions Gate Entertainment
Corp. shareholders is defined as net income attributable to Lions
Gate Entertainment Corp. shareholders, adjusted for stock-based
compensation, purchase accounting and related adjustments,
restructuring and other items, non-cash imputed interest charge net
of related interest income, start-up losses of new business
initiatives, and backstopped prints and advertising expense, net of
taxes at the applicable statutory rate and net of the amounts
attributable to noncontrolling interest.
Adjusted earnings per share is defined as adjusted net income
attributable to Lions Gate Entertainment Corp. shareholders per
weighted average shares outstanding.
LIONS GATE
ENTERTAINMENT CORP.
RECONCILIATION OF
NET INCOME TO EBITDA AND ADJUSTED EBITDA
|
|
|
Three Months
Ended
|
|
June
30,
|
|
2016
|
|
2015
|
|
(Amounts in
thousands)
|
Net
income
|
$
|
840
|
|
|
$
|
40,684
|
|
Depreciation and
amortization
|
5,616
|
|
|
1,830
|
|
Interest,
net
|
14,285
|
|
|
12,025
|
|
Income tax provision
(benefit)
|
(26,302)
|
|
|
2,844
|
|
EBITDA
|
$
|
(5,561)
|
|
|
$
|
57,383
|
|
|
|
|
|
Stock-based
compensation
|
22,180
|
|
|
16,879
|
|
Restructuring and
other items(1)
|
7,431
|
|
|
—
|
|
Non-cash imputed
interest charge(2)
|
621
|
|
|
—
|
|
Purchase accounting
and related adjustments(3)
|
5,554
|
|
|
—
|
|
Start-up losses of
new business initiatives(4)
|
10,376
|
|
|
714
|
|
Backstopped prints
and advertising expense(5)
|
144
|
|
|
(3,934)
|
|
Adjusted
EBITDA
|
$
|
40,745
|
|
|
$
|
71,042
|
|
|
|
|
|
(1)
|
Restructuring and
other items includes restructuring and severance costs, certain
transaction related costs, and certain unusual items, when
applicable, included in general and administrative expense.
Amounts in the three months ended June 30, 2016 primarily represent
professional fees associated with the proposed merger with
Starz.
|
|
|
(2)
|
Non-cash imputed
interest charge represents a charge associated with the interest
cost of long-term accounts receivable for Television Production
licensed product that become due beyond one-year.
|
|
|
(3)
|
Purchase accounting
and related adjustments represent the incremental amortization
expense associated with the non-cash fair value adjustments on
television assets of $4.3 million included in direct operating
expense resulting from the application of purchase accounting and
the charge of $1.3 million included in general and administrative
expense related to the accretion of the noncontrolling interest
discount.
|
|
|
(4)
|
Start-up losses of
new business initiatives represent losses associated with the
Company's direct to consumer initiatives including its subscription
video-on-demand platforms and Atom Tickets, the first-of-its-kind
theatrical mobile ticketing platform and app. For the three months
ended June 30, 2016, $6.8 million represents the negative gross
contribution (i.e., revenue less direct operating and distribution
and marketing expenses) of the consolidated business, $2.7 million
is included in the Company's consolidated general and
administrative expense and $0.8 million is included in equity
interests income. For the three months ended June 30, 2015, $0.7
million is included in equity interests income.
|
|
|
(5)
|
Backstopped prints
and advertising expense ("P&A") represents the amount of
theatrical marketing expense for third party titles that the
Company funded and expensed for which a third party provides a
first dollar loss guarantee (subject to a cap) that such expense
will be recouped from the performance of the film (which results in
minimal risk of loss to the Company). The amount represents the
P&A expense incurred and expensed net of the impact of
expensing the P&A cost over the revenue streams similar to a
participation expense (i.e., the P&A under these arrangements
are being expensed similar to a participation cost for purposes of
the adjusted measure).
|
LIONS GATE
ENTERTAINMENT CORP.
RECONCILIATION OF
FREE CASH FLOW TO
NET CASH FLOWS
PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
|
|
Three Months
Ended
|
|
June
30,
|
|
2016
|
|
2015
|
|
(Amounts in
thousands)
|
Net Cash Flows
Provided By (Used In) Operating Activities
|
$
|
143,089
|
|
|
$
|
(30,883)
|
|
Purchases of property
and equipment
|
(2,906)
|
|
|
(3,248)
|
|
Net borrowings under
and (repayment) of production loans
|
(159,467)
|
|
|
128,811
|
|
Excess tax benefits
on equity-based compensation awards
|
—
|
|
|
45
|
|
Free Cash Flow, as
defined
|
$
|
(19,284)
|
|
|
$
|
94,725
|
|
|
|
|
|
LIONS GATE
ENTERTAINMENT CORP.
RECONCILIATION OF
NET INCOME ATTRIBUTABLE TO LIONS GATE ENTERTAINMENT CORP.
SHAREHOLDERS, AND BASIC AND DILUTED EPS TO ADJUSTED NET INCOME
ATTRIBUTABLE TO LIONS GATE ENTERTAINMENT CORP. SHAREHOLDERS, AND
ADJUSTED BASIC AND DILUTED EPS
|
|
|
Three Months Ended
June 30, 2016
|
|
(Amounts in
thousands, except per share amounts)
|
|
Income (loss)
before income
taxes
|
|
Net income
(1)
|
|
Net income
attributable to
Lions Gate
Entertainment
Corp.
shareholders (2)
|
|
Basic
EPS*
|
|
Diluted
EPS*
|
As
reported
|
$
|
(25,462)
|
|
|
$
|
840
|
|
|
$
|
1,254
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
Stock-based
compensation
|
22,180
|
|
|
14,084
|
|
|
14,084
|
|
|
0.10
|
|
|
0.10
|
|
Restructuring and
other items(3)
|
7,431
|
|
|
4,730
|
|
|
4,730
|
|
|
0.03
|
|
|
0.03
|
|
Non-cash imputed
interest charge(4)
|
(141)
|
|
|
(90)
|
|
|
(90)
|
|
|
—
|
|
|
—
|
|
Purchase accounting
and related adjustments(5)
|
6,368
|
|
|
4,915
|
|
|
2,527
|
|
|
0.02
|
|
|
0.02
|
|
Start-up losses of
new business initiatives(6)
|
10,934
|
|
|
6,943
|
|
|
6,943
|
|
|
0.05
|
|
|
0.04
|
|
Backstopped prints
and advertising expense
|
144
|
|
|
91
|
|
|
91
|
|
|
—
|
|
|
—
|
|
As adjusted for
items above
|
$
|
21,454
|
|
|
$
|
31,513
|
|
|
$
|
29,539
|
|
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
Three Months Ended
June 30, 2015
|
|
(Amounts in
thousands, except per share amounts)
|
|
Income before
income taxes
|
|
Net income
(1)
|
|
Net income
attributable to
Lions Gate
Entertainment
Corp.
shareholders (2)
|
|
Basic
EPS*
|
|
Diluted
EPS*
|
As
reported
|
$
|
43,528
|
|
|
$
|
40,684
|
|
|
$
|
40,684
|
|
|
$
|
0.28
|
|
|
$
|
0.26
|
|
Stock-based
compensation
|
16,879
|
|
|
10,689
|
|
|
10,689
|
|
|
0.07
|
|
|
0.07
|
|
Start-up losses of
new business initiatives(6)
|
714
|
|
|
460
|
|
|
460
|
|
|
—
|
|
|
—
|
|
Backstopped prints
and advertising expense
|
(3,934)
|
|
|
(2,491)
|
|
|
(2,491)
|
|
|
(0.02)
|
|
|
(0.02)
|
|
As adjusted for
items above
|
$
|
57,187
|
|
|
$
|
49,342
|
|
|
$
|
49,342
|
|
|
$
|
0.33
|
|
|
$
|
0.32
|
|
______________________________________
* Basic and Diluted EPS amounts may not add precisely due to
rounding
(1)
|
Represents amounts
net of the tax impact calculated using the statutory tax rate
applicable to each adjustment.
|
|
|
(2)
|
Represents the net
income amount adjusted for the portion attributable to
noncontrolling interest, if any.
|
|
|
(3)
|
Restructuring and
other items include amounts presented in Adjusted
EBITDA.
|
|
|
(4)
|
Represents the
non-cash imputed interest charge presented in Adjusted EBITDA net
of the related interest income. The amount is a deduction from net
income because the interest income exceeded the charge in the
quarter.
|
|
|
(5)
|
Purchase accounting
and related adjustments include amounts presented in Adjusted
EBITDA, plus $0.8 million of incremental depreciation and
amortization expense associated with the non-cash fair value
adjustments to property and equipment and intangible assets
resulting from the application of purchase accounting related to
the acquisition of Pilgrim Studios.
|
|
|
(6)
|
Start-up losses of
new business initiatives include amounts presented in Adjusted
EBITDA, plus $0.6 million for the depreciation expense associated
with these entities for the three months ended June 30,
2016.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lionsgate-reports-results-for-first-quarter-fiscal-2017-300309471.html
SOURCE Lionsgate