‘Borderlands’ & More Squeeze Lionsgate’s Quarter As CEO Candidly Admits, “We Reported Disappointing Financial Results”

deadline.com:

Lionsgate’s Motion Picture segment saw revenue nose up 3% to $40 million last quarter on more theatrical wide releases, but profit fell to $2.8 million as they underperformed, especially Borderlands. “In a transitional, disrupted and difficult year for our industry, we reported disappointing financial results in the quarter,” said Lionsgate Studios CEO Jon Feltheimer.

He said the results underscore “the need to adhere even more rigorously to the risk mitigated business models, slate diversification and strict financial discipline that have always served us well.

The combination of a return to strong content slates, the continued stellar performance of our film and television library and sure-handed execution will put us back on the path to solid growth and shareholder value creation.” The company also noted in its earnings release for the September quarter that about 8% of its eligible U.S.

employees elected to take advantage of voluntary severance and early retirement packages it offered as it continues to streamline its business by adjusting to the economic realities of the marketplace.