Film Boss Blames Killers For Profits Slump
The boss of film distributor Lionsgate has partially blamed the "underperformance" of Ashton Kutcher and Katherine Heigl's action comedy Killers for driving down profits.
The movie was released in June (10) and only managed to recoup just over the $75 million (£50 million) producers spent making the movie.
And after announcing that Lionsgate - who distributed the film - lost a staggering $64.1 million (£42.7 million) during the first quarter, CEO Jon Feltheimer has singled out Killers for the fall in revenue.
In a statement, he says, "Our first quarter was affected by marketing costs for our three wide releases, timing of television deliveries and the underperformance of our theatrical release Killers."
But Feltheimer is optimistic Sylvester Stallone's highly-anticipated action movie The Expendables can help boost profits.
He adds, "With our upcoming theatrical slate, beginning with this Friday's opening of The Expendables, and the continued strength of our television, library and channel businesses, we remain poised to achieve our full year financial targets."
The company's revenue for the first fiscal quarter of 2011 was $326.6 million (£217.7 million), which is a decline of 14 per cent on the same time last year (09).