Lions Gate Cuts Forecast by 57%; Shares Fall 12%

Lions Gate Entertainment Corp., which has headquarters in Canada and Santa Monica, lowered its 2006 profit forecast by 57%, citing “disappointing” ticket sales from its movie “In the Mix.” Its shares fell 12%.

Earnings will be $15 million for the fiscal year ending March 31, the company said. Lions Gate was expected to have a $26.7-million profit, analysts’ average estimate in a Thomson Financial survey.

“In the Mix” has had $8.7 million in ticket sales since it was released two weeks ago. The movie brought in $1.9 million in North American ticket sales over the weekend, a 57% decline from its opening weekend. Shares of Lions Gate fell $1.07 to $8.21.