Lions Gate’s net income drops 35%
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Lions Gate Entertainment Corp., owner of the largest independent U.S. film studio, said fiscal fourth-quarter net income fell 35% as movies such as “Pride” and “Slow Burn” failed to draw theater audiences.
Net income in the period ended March 31 dropped to $25 million, or 19 cents a share, from $38.9 million, or 27 cents, a year earlier, Vancouver, Canada-based Lions Gate said in a regulatory filing. The company is run from Santa Monica.
Sales rose 6.2% to $331.6 million, beating the $320.3 million average estimate of analysts surveyed by Bloomberg.
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