United states securities and exchange commission



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Income Tax Provision

We had an income tax expense of $4.7 million , or (13.6%) , of loss before income taxes in fiscal 2012 , compared to an expense of $4.3 million , or (16.3%) , of loss before income taxes in fiscal 2011 . The tax expense reflected in the fiscal year ended March 31, 2012 is primarily attributable to deferred U.S. income taxes and foreign withholding taxes. Our actual annual effective tax rate will differ from the statutory federal rate as a result of several factors, including changes in the valuation allowance against net deferred tax assets, non-temporary differences, foreign income taxed at different rates, and state and local income taxes. Income tax loss carryforwards, subject to certain limitations that may prevent us from fully utilizing them, amount to approximately $187.8 million for U.S. federal income tax purposes available to reduce income taxes over twenty years, $170.4 million for U.S. state income tax purposes available to reduce income taxes over future years with varying expirations, $28.4 million for Canadian income tax purposes available to reduce income taxes over 20 years with varying expirations, and $8.6 million for UK income tax purposes available indefinitely to reduce future income taxes.


Net Loss

Net loss for the fiscal year ended March 31, 2012 was $39.1 million , or basic and diluted net loss per common share of $0.30 on 132.2 million weighted average common shares outstanding. This compares to net loss for the fiscal year ended March 31, 2011 of $30.4 million , or basic and diluted net loss per common share of $0.23 on 131.2 million weighted average common shares outstanding.

    


Fiscal 2011 Compared to Fiscal 2010

The following table sets forth the components of consolidated revenue by segment for the fiscal years ended March 31, 2011 and 2010 :



 


















































 

Year Ended

 

Year Ended

 

Increase (Decrease)

 

March 31, 2011

 

March 31, 2010

 

Amount

 

Percent

 

 

 

(Amounts in millions)

 

 

Consolidated Revenue

 

 

 

 

 

 

 

Motion Pictures

$

1,229.5




 

$

1,119.3




 

$

110.2




 

9.8

 %

Television Production

353.2




 

350.9




 

2.3




 

0.7

 %

Media Networks






 

19.3




 

(19.3

)

 

(100.0

)%

 

$

1,582.7




 

$

1,489.5




 

$

93.2




 

6.3

 %

Our largest component of revenue comes from home entertainment. The following table sets forth total home entertainment revenue for both the Motion Pictures and Television Production reporting segments for the fiscal years ended March 31, 2011 and 2010 :

 


















































 

Year Ended

 

Year Ended

 

Increase (Decrease)

 

March 31, 2011

 

March 31, 2010

 

Amount

 

Percent

 

 

 

(Amounts in millions)

 

 

Home Entertainment Revenue

 

 

 

 

 

 

 

Motion Pictures

$

635.6




 

$

591.4




 

$

44.2




 

7.5

 %

Television Production

54.4




 

67.8




 

(13.4

)

 

(19.8

)%

 

$

690.0




 

$

659.2




 

$

30.8




 

4.7

 %

 


Motion Pictures Revenue
64


Table of Contents
The following table sets forth the components of revenue and the changes in these components for the motion pictures reporting segment for the fiscal years ended March 31, 2011 and 2010 :

 


















































 

Year Ended

 

Year Ended

 

Increase (Decrease)

 

March 31, 2011

 

March 31, 2010

 

Amount

 

Percent

 

(Amounts in millions)

Motion Pictures (1)

 

 

 

 

 

 

 

Theatrical

$

205.9




 

$

139.4




 

$

66.5




 

47.7

 %

Home Entertainment

635.6




 

591.4




 

44.2




 

7.5

 %

Television

139.8




 

135.8




 

4.0




 

2.9

 %

International

126.5




 

73.4




 

53.1




 

72.3

 %

Lionsgate UK

79.2




 

74.3




 

4.9




 

6.6

 %

Mandate Pictures

38.7




 

99.1




 

(60.4

)

 

(60.9

)%

Other

3.8




 

5.9




 

(2.1

)

 

(35.6

)%

 

$

1,229.5




 

$

1,119.3




 

$

110.2




 

9.8

 %

 








(1)

For the fiscal year ended March 31, 2011 , Motion Pictures revenue includes Maple Pictures revenue of $85.6 million, compared to Maple Pictures revenue of $69.7 million for the fiscal year ended March 31, 2010. Subsequent to August 10, 2011, revenue generated pursuant to the distribution agreements with Alliance has been recorded net of fees and expenses.



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