Lionsgate takes third-quarter loss

Even with big revenues from its Saw movie franchise, film producer and distributor Lionsgate couldn't quite cut it in the latest quarter.

The company reported a third-quarter loss of $93.4 million US on Monday, compared with a net income of $7.3 million in the year-earlier quarter.

Revenues for the period rose to $324.0 million US — an 8.4 per cent increase from $299.0 million a year ago. In the same quarter, however, total expenses jumped almost 45 per cent to $417.9 million from $288.3 million.

"The primary factor contributing to this quarter's loss was the underperformance of our feature film slate,” Lionsgate chief executive officer Jon Feltheimer said in a statement.

The losses more than offset gains in Lionsgate's television business.

The Santa Monica film studio has offices in Vancouver, where it shoots many of its films. The company typically produces between 12 and 15 movies a year. It says it had strong performances from Saw V, the latest in its Saw slasher film franchise, as well as with the documentary Religulous.

The Spirit, Punisher: War Zone and Transporter 3 did less well.

Television revenue included in the motion picture segment was $39.0 million in the third quarter, a 25 per cent increase from $31.3 million in the year-earlier quarter, led by titles such as Tyler Perry's Meet The Browns, Rambo, The Bank Job and The Eye.

In January, Lionsgate announced the acquisition of TV Guide Network, a cable network reaching 83 million U.S. homes.

It also plans to launch the movie channel EPIX, with MGM this fall.