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8-K - FORM 8-K - LIONS GATE ENTERTAINMENT CORP /CN/v53883e8vk.htm
EX-23 - EX-23 - LIONS GATE ENTERTAINMENT CORP /CN/v53883exv23.htm
EX-99.5 - EX-99.5 - LIONS GATE ENTERTAINMENT CORP /CN/v53883exv99w5.htm
EX-99.1 - EX-99.1 - LIONS GATE ENTERTAINMENT CORP /CN/v53883exv99w1.htm
EX-99.3 - EX-99.3 - LIONS GATE ENTERTAINMENT CORP /CN/v53883exv99w3.htm
EX-99.4 - EX-99.4 - LIONS GATE ENTERTAINMENT CORP /CN/v53883exv99w4.htm
Exhibit 99.2
Selected Consolidated Financial Data (adjusted to reflect the retrospective application of FSP APB 14-1)
ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA.
     The consolidated financial statements for all periods presented in this Form 10-K are prepared in conformity with U.S. generally accepted accounting principles.
     The Selected Consolidated Financial Data below includes the results of Lionsgate UK, Debmar-Mercury, Mandate Pictures, and TV Guide Network from their acquisition dates of October 17, 2005, July 3, 2006, September 10, 2007, and February 28, 2009, respectively, onwards. The Selected Consolidated Financial Data below also includes the results of Maple Pictures from the date of consolidation of July 18, 2007, onwards. The Selected Consolidated Financial Data below has also been adjusted for the adoption of Financial Accounting Standards Board Staff Position APB 14-1, “Accounting for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement)” (“FSP APB 14-1”). FSP APB 14-1 applied to the Company’s 2.9375% and 3.625% Convertible Senior Subordinated Notes, issued in October 2004 and February 2005. FSP APB 14-1 did not apply to the 4.875% Convertible Senior Subordinated Notes issued in December 2003 and converted into common shares in December 2006. FSP APB 14-1 requires retrospective application and accordingly the Company’s results of operations for the years ended March 31, 2009, 2008, 2007, 2006, and 2005 and financial positions as at March 31, 2009, 2008, 2007, 2006, and 2005 have been adjusted on a retrospective basis as if FSP APB 14-1 were effective from the date of issuance of the Company’s 2.9375% and 3.625% Convertible Senior Subordinated Notes. See Note 2 and Note 10 to the Consolidated Financial Statements. Due to the acquisitions and the consolidation of Maple Pictures, the Company’s results of operations for the years ended March 31, 2009, 2008, 2007, 2006, and 2005 and financial positions as at March 31, 2009, 2008, 2007, 2006, and 2005 are not directly comparable to prior reporting periods.

 


 

                                         
    Year Ended March 31,  
    2009     2008     2007     2006     2005  
            (Amounts in thousands, except per share amounts)          
Statement of Operations Data:
                                       
Revenues
  $ 1,466,374     $ 1,361,039     $ 976,740     $ 945,385     $ 838,097  
Expenses:
                                       
Direct operating
    793,816       660,924       435,934       456,986       351,598  
Distribution and marketing
    669,557       635,666       404,410       399,299       364,281  
General and administration
    136,563       119,080       90,782       69,936       69,258  
Depreciation and amortization
    7,657       5,500       3,670       3,821       4,562  
 
                             
Total expenses
    1,607,593       1,421,170       934,796       930,042       789,699  
 
                             
Operating income (loss)
    (141,219 )     (60,131 )     41,944       15,343       48,398  
 
                             
Other expenses (income):
                                       
Interest expense
                                       
Contractual cash based interest
    15,131       12,851       14,056       15,057       18,392  
Amortization of debt discount and deferred financing costs
    19,144       17,048       15,783       14,578       9,757  
Interest rate swaps mark-to-market
                      123       (2,453 )
 
                             
Total interest expense
    34,275       29,899       29,839       29,758       25,696  
Interest and other income
    (5,785 )     (11,276 )     (11,930 )     (4,304 )     (3,333 )
Gain on sale of equity securities
          (2,909 )     (1,722 )            
Gain on extinguishment of debt
    (3,023 )                        
 
                             
Total other expenses, net
    25,467       15,714       16,187       25,454       22,363  
 
                             
Income (loss) before equity interests and income taxes
    (166,686 )     (75,845 )     25,757       (10,111 )     26,035  
Equity interests loss
    (9,044 )     (7,559 )     (2,605 )     (74 )     (200 )
 
                             
Income (loss) before income taxes
    (175,730 )     (83,404 )     23,152       (10,185 )     25,835  
Income tax provision (benefit)
    2,724       4,031       7,680       (1,030 )     8,747  
 
                             
Income (loss) before discontinued operations
    (178,454 )     (87,435 )     15,472       (9,155 )     17,088  
Income (loss) from discontinued operations (including gain on sale in 2006 of $4,872), net of tax of $2,464 in 2006 and $200 in 2005
                      4,476       362  
 
                             
Net income (loss)
  $ (178,454 )   $ (87,435 )   $ 15,472     $ (4,679 )   $ 17,450  
 
                             
 
                                       
Basic Per Share Data:
                                       
Basic Income (Loss) Per Common Share From Continuing Operations
  $ (1.53 )   $ (0.74 )   $ 0.14     $ (0.09 )   $ 0.18  
Basic Income Per Common Share From Discontinued Operations
                      0.04       0.00  
 
                             
Basic Net Income (Loss) Per Common Share
  $ (1.53 )   $ (0.74 )   $ 0.14     $ (0.05 )   $ 0.18  
 
                             
 
                                       
Diluted Per Share Data:
                                       
Diluted Income (Loss) Per Common Share From Continuing Operations
  $ (1.53 )   $ (0.74 )   $ 0.14     $ (0.09 )   $ 0.17  
Diluted Income Per Common Share From Discontinued Operations
                      0.04       0.00  
 
                             
Diluted Net Income (Loss) Per Common Share
  $ (1.53 )   $ (0.74 )   $ 0.14     $ (0.05 )   $ 0.17  
 
                             
 
                                       
Weighted average number of common shares outstanding:
                                       
Basic
    116,795       118,427       108,398       103,066       97,610  
Diluted
    116,795       118,427       111,164       103,066       103,375  
 
                                       
Balance Sheet Data (at end of period):
                                       
Cash and cash equivalents
    138,475       371,589       51,497       46,978       112,839  
Investments – auction rate securities
                237,379       167,081        
Investment in films and television programs
    702,767       608,942       493,140       417,750       367,376  
Total assets
    1,667,250       1,536,927       1,135,598       1,050,953       851,482  
Bank loans
    255,000                         1,162  
Subordinated notes and other financing obligations
    281,521       261,519       243,675       290,869       284,243  
Total liabilities
    1,625,557       1,282,328       807,880       809,848       631,733  
Shareholders’ equity
    41,693       254,599       327,718       241,105       219,749