Surprise profits and record-setting TV revenues for Lionsgate rocketed up the company’s stock over 13% in after-market trading. Lionsgate stock closed on Wednesday at $19.76, virtually unchanged. But aftermarket trading witnessed its stock price up 13% to $22.30.
In reporting for its fourth-quarter fiscal period, after the market closed, Lionsgate posted revenue up 22% to $791.2 million versus to $646.1 million a year ago.
Net income was $12.5 million -- down from $19.6 million for the same time period a year ago. Many analysts were expecting a net loss.
For the year, Lionsgate TV revenues were up a big 16% to $669.9 million, with motion pictures revenue down 7.7% to $1.7 billion.
Overall, annual revenues slipped 2% to $2.35 billion from $2.4 billion, with net income down to $42.7 million from 2015’s $181.8 million.
TV revenues benefited from new global deals of “Orange is the New Black,” as well as Lionsgate’s acquisition of Pilgrim Studios. Lionsgate has nearly 80 television shows on 40 different networks in prime-time production, distribution and syndication businesses.