Lions Gate cuts '06 estimates Lions Gate blamed the reduction on the "disappointing" performance of its theatrical release "In the Mix," along with "recent softness of family home entertainment product, direct-to-video releases and decreasing library margins."
"In the Mix" was the movie debut of R&B singer Usher, who starred as a deejay who saves the life of a mob boss' daughter. The film was released over the Thanksgiving holiday weekend, and took in just $4.4 million. It has only grossed $8.66 million to date. According to Boxofficemojo.com, its marketing costs are estimated at $18 million.
In the second quarter, the company took a $26 million loss on "Lord of War," which starred Nicolas Cage as an arms dealer, and "Devil's Rejects," the sequel to 2003's "House of 1000 Corpses," the saga of a murderous backwoods family.
Lions Gate shares were down as much as 11.5%, trading recently at $8.25, down $1.03.
