Earnings: Lionsgate Reports Higher Quarterly Profit; Digital Delivery

Lionsgate Entertainment (NYSE: LGF) reported higher FY 3Q07 revenues of $254.5 million, an 11 percent increase from the prior year’s quarter. Net income came in at $20.5 million, a tremendous leap from net income of $3.1 million in year-over-year.
Company executives said its theatrical releases did particularly well this past quarter, though home video fell 2 percent. With the rapidly expanding number of big players getting into digital delivery, Lionsgate President Steven Beeks said digital is now positioned to become a real contributor to revenue growth for home entertainment. Beeks: “We now have fully launched electronic sell-through and broadband VOD deals with Cinema Now, Movie Link, Amazon, which just announced an enhancement in their service through a partnership with Tivo, Fox Interactive Media