As Lionsgate battles to stay out of the clutches of Carl Icahn, the TV and movie production company reported that revenues for its fiscal year ended march 31st rose 8% to $1.58 billion. The net loss attributable to shareholders fell to $19.5 million from $178.5 million the previous year.
Perhaps most importantly, the company posted positive adjusted EBITDA of a record $128.5 million, compared to negative EBITDA of $122.9 million the prior year.
The company said its financial results were fueled by strong gains in its television division, record performance for its library, new revenue from TV Guide Network and TV guide.com, along with a decline in costs for theatrical and home entertainment marketing and distribution.
Lionsgate Co-Chairman and CEO Jon Feltheimer declared that the company is well positioned to continue the top line revenue growth and a return to positive free cash flow. That is, so long as management and the board of directors is able to keep Icahn from taking over.