The highest two Lionsgate executives have informed shareholders that the media conglomerate is poised to thrive amid the post-pandemic atmosphere.
“We had a powerful and profitable 12 months shifting our firm ahead in fiscal 2020 regardless of the extraordinary challenges of the worldwide pandemic, creating lasting and incremental worth throughout our movie, tv and Starz companies,” mentioned chief government officer Jon Feltheimer and vice chairman Michael Burns in their letter to shareholders at Tuesday’s annual assembly.
“It was a 12 months in which we added thrilling new franchises to our content material portfolio, prolonged a quantity of our main manufacturers whereas cultivating new ones, renewed our key tv collection and continued the transformation of Starz right into a helpful premium international streaming platform distinguished by the standard of its content material, the main focus of its providing and its distinctive potential to enrich different companies,” they mentioned.
A month in the past, Lionsgate reported earnings of $51.1 million, or 23 cents a share, on revenues of $813.7 million for its first fiscal quarter ending June 30 — numbers that had been above Wall Road estimates amid the COVID-19 pandemic. Within the earlier quarter, Lionsgate took a cost of $50.5 million as a result of pandemic. Feltheimer and Burns mentioned Tuesday that Lionsgate can be “stronger than ever” in the course of the present fiscal 12 months.
“When the pandemic hit in March, we shortly transitioned our non-essential staff to work safely from dwelling, redeployed sources in accordance with the areas of best want, ensured that our companies had been positioned to proceed delivering premium high quality leisure to the massive at dwelling viewers and took quick steps to preserve money in order to guard a wholesome steadiness sheet,” they mentioned.
“Consequently, we had been capable of mitigate many of the opposed impacts of the pandemic and ensuing financial downturn,” they added. “We enter fiscal 2021 with protocols in place to function efficiently in the ‘new regular,’ full pipelines of movie and tv content material able to resume manufacturing, and a whole re-imagining of all of our companies that positions them to emerge from the present atmosphere stronger than ever.”
Burns and Feltheimer mentioned the Starz community has been reworked into a world streaming chief, because of “Outlander,” “Hightown,” “P-Valley,” the “Energy” franchise and its streaming companions Amazon Prime and Apple together with native distributors Vodafone, Orange, Virgin Media, Bell Media, Izzi & Rakuten.
Lionsgate had additionally introduced final month that it was increasing two of its key franchises, with a fifth “John Wick” film and a “Soiled Dancing” reboot with Jennifer Gray. Feltheimer and Burns famous Tuesday that the corporate is creating “Now You See Me 3,” “Starvation Video games” prequel “The Ballad of Songbirds & Snakes,” and initiatives primarily based on “Are You There, God? It’s Me, Margaret” and “Borderlands,” starring Cate Blanchett and directed by Eli Roth. Nonetheless, Lionsgate has not had a film in theaters since March.
“There are a variety of uncertainties surrounding when theaters will re-open, how shortly moviegoers will return and when manufacturing can safely resume,” Feltheimer and Burns mentioned. “However our confidence in the long run of our theatrical enterprise is undiminished, bolstered by the continued demand for motion pictures throughout all types of platform, the standard and pleasure of the content material we convey to our audiences and distribution companions, the pliability constructed into our various portfolio of motion pictures, and our longstanding potential to pivot shortly and alter with a altering world.”
They admitted that the “extraordinary” circumstances of latest months have examined the corporate, then added, “However our staff have risen to the problem with resilience, resourcefulness and a ‘can do’ collaborative crew spirit, and we enter the brand new fiscal 12 months in fine condition operationally, strategically and financially.”
Shareholders additionally authorized with 97% assist the appointment of former Federal Communications Commissioner Mignon Clyburn as a board member with 97% of vote. Clyburn turns into the primary African American government on the board and the fourth girl on the panel.
Shareholders additionally authorized by 92% the manager compensation for Feltheimer and Burns. Feltheimer’s compensation for the fiscal 12 months that ended March 31 elevated from $6.6 million to $11.07 million as a result of a $6.Three million bonus. Burns noticed compensation rise from $5.18 million to $6.37 million, because of a $3.15 million bonus.