Lionsgate Flashes Library Card, Ritzy Movie Numbers In Posting Q4 Results Ahead Of Wall Street Expectations

by Samuel Pordengerg May 26, 2023 News
Lionsgate Flashes Library Card, Ritzy Movie Numbers In Posting Q4 Results Ahead Of Wall Street Expectations

The continued strength of the company's 18,000-title film and TV library helped the company post fiscal fourth-quarter results ahead of Wall Street expectations.

The period ending March 31 had an adjusted earnings per share of 21 cents, which was far better than analysts had expected. The year-ago quarter's revenue was almost a billion dollars, but this year's revenue was almost a billion dollars.

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The company said the library brought in a record $884 million over the course of the year.

Revenue in the company's Media Networks unit inched up 2% to $389 million with proceeds from domestic streaming revenue and the rebranded assets. The division's profit more than doubled due to growth in revenue, lower distribution and marketing expenses, and lower content expenses linked to international market closings.

The rights to the first and second volumes of the movie "Kill Bill" have been granted to the film's producers.

Excluding subscribers in territories where the company is about to exit, the total global OTT subscribers increased by 1.3 million. The company reported 30.3 million domestic and international subscribers at the end of the fiscal year, down from 35 million at the end of the previous quarter.

Plane and Jesus Revolution each made $50 million at the global box office. JohnWick: Chapter 4 came out a week before the end of the quarter and went on to gross a franchise-best $428 million. The theatrical proceeds will count in the future quarters. Selling Sunset is one of the current titles backed by the company's television studio.

TV and film production results are reported together. During the quarter, the division saw a 25% gain in revenue and an 85% jump in movie revenue. Revenue slid to $291 million from $370.2 million because of the timing and mix of deliveries.

Wall Street wants to know more about the strategic plans of the company. The company has said in the past that it is considering Separating the two. The premium TV network business was coming under increased pressure from cord-cutting and the rise of direct-to-consumer streaming when it was acquired by Lions Gate.

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