United states securities and exchange commission


LIONS GATE ENTERTAINMENT CORP



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LIONS GATE ENTERTAINMENT CORP.

NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS(Continued)

Segment profit is defined as segment revenue less segment direct operating, distribution and marketing, and general and administration expenses. The reconciliation of total segment profit to the Company’s income (loss) before income taxes is as follows:



 









































 

Year Ended

 

Year Ended

 

Year Ended

 

March 31,
2012


 

March 31,
2011


 

March 31,
2010


 

 

 

As adjusted

 

As adjusted

 

(Amounts in thousands)

Company’s total segment profit

$

129,303




 

$

179,865




 

$

142,252




Less:

 

 

 

 

 

Shared services and corporate expenses (1)

(102,503

)

 

(111,524

)

 

(79,916

)

Depreciation and amortization

(4,276

)

 

(5,811

)

 

(12,455

)

Interest expense

(78,111

)

 

(55,180

)

 

(47,162

)

Interest and other income

2,752




 

1,742




 

1,547




Gain on sale of asset disposal group

10,967




 






 






Gain (loss) on extinguishment of debt

(967

)

 

(14,505

)

 

5,675




Equity interests income (loss)

8,412




 

(20,712

)

 

(38,995

)

Loss before income taxes

$

(34,423

)

 

$

(26,125

)

 

$

(29,054

)










(1)

Includes share-based compensation expense of $25.0 million , $32.5 million , and $18.8 million for the years ended March 31, 2012 , 2011 and 2010 , respectively. During the year ended March 31, 2011 the Company incurred $21.9 million of share-based compensation expense associated with the immediate vesting of equity awards of certain executive officers triggered by the “change in control” provisions in their respective employment agreements. The year ended March 31, 2012 includes a benefit of $1.7 million associated with a shareholder activist matter, compared to charges of $22.9 million and $5.8 million for the years ended March 31, 2011 and 2010 , respectively. The benefit associated with a shareholder activist matter in the year ended March 31, 2012 includes a $3.9 million benefit, recorded in the quarter ended June 30, 2011, related to a negotiated settlement with a vendor of costs incurred and recorded in the prior fiscal year, and insurance recoveries of related litigation offset by other costs. The year ended March 31, 2012 also includes severance and transaction costs related to the acquisition of Summit of $12.0 million .

The following table sets forth significant assets as broken down by segment and other unallocated assets as of March 31, 2012 and March 31, 2011 :

 













































































 

March 31, 2012

 

March 31, 2011

 

Motion

Pictures

 

Television

Production

 

Total

 

Motion

Pictures

 

Television

Production

 

Total

 

(Amounts in thousands)

Significant assets by segment

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

$

577,463




 

$

207,067




 

$

784,530




 

$

167,093




 

$

163,531




 

$

330,624




Investment in films and television programs, net

1,202,692




 

126,361




 

1,329,053




 

503,065




 

104,692




 

607,757




Goodwill

297,672




 

28,961




 

326,633




 

210,293




 

28,961




 

239,254




 

$

2,077,827




 

$

362,389




 

$

2,440,216




 

$

880,451




 

$

297,184




 

$

1,177,635




Other unallocated assets (primarily cash, other assets, and equity method investments)

 

 

 

 

347,779




 

 

 

 

 

391,518




Total assets

 

 

 

 

$

2,787,995




 

 

 

 

 

$

1,569,153




F-46

Table of Contents

LIONS GATE ENTERTAINMENT CORP.

NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS(Continued)

Purchases of property and equipment amounted to $1.9 million , $2.8 million and $3.7 million for the years ended March 31, 2012 , 2011 , and 2010 , respectively, all primarily pertaining to purchases for the Company’s corporate headquarters.



Revenue by geographic location, based on the location of the customers, with no other foreign country individually comprising greater than 10% of total revenue, is as follows:









































 

Year Ended

 

Year Ended

 

Year Ended

 

March 31, 2012

 

March 31, 2011

 

March 31, 2010

 

(Amounts in thousands)

Canada

$

17,207




 

$

86,955




 

$

71,402




United States

1,270,226




 

1,223,454




 

1,171,336




Other foreign

300,146




 

272,311




 

246,768




 

$

1,587,579




 

$

1,582,720




 

$

1,489,506






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