LIONS GATE ENTERTAINMENT REPORTS REVENUES OF
$99.8 MILLION AND EBITDA OF $2.3 MILLION FOR
SECOND QUARTER OF FISCAL 2004

Financial Results In Line With Previous Management Guidance

2Q Revenue Increases 28% From Prior Year’s Quarter

(All Amounts in U.S. dollars)

MARINA DEL REY, CA, and VANCOUVER, BC, November 14, 2003 – Lions Gate Entertainment (AMEX and TSX: LGF), a leading diversified independent producer and distributor of motion picture, television and other filmed entertainment content, reported revenues of $99.8 million and EBITDA (earnings before interest, income taxes, amortization and minority interests) of positive $2.3 million for the three months ended September 30, 2003.

Second quarter revenue of $99.8 million increased 28% compared to $77.8 million in the prior year’s second quarter. EBITDA of $2.3 million decreased 63% from $6.2 million in the second quarter of fiscal 2003. Net loss was $0.8 million for the three months ended September 30, 2003, or loss per share of $0.02 on 59.5 million weighted average common shares outstanding (after giving effect to the Series A preferred share dividends and accretion on the Series A preferred shares), compared to net income of $1.2 million, or income per share of $0.01 on 43.2 million weighted average common shares outstanding (after giving effect to the Series A preferred share dividends and accretion on the Series A preferred shares), in the prior year’s second quarter.

Second quarter financial results exceeded the Company’s previous guidance on revenue and were consistent with its projection of a return to positive EBITDA in its August 14, 2003 earnings release and conference call.

Revenue growth was driven by strong increases in the Company’s core motion picture and television businesses, fueled by the theatrical release of the horror film CABIN FEVER (to be released on DVD in the fourth quarter of fiscal 2004), the video releases of the Lions Gate films HOUSE OF 1000 CORPSES and CONFIDENCE, the home entertainment release of the hit NBC comedy series WILL & GRACE and deliveries of Lions Gate Television’s one-hour dramatic series DEAD ZONE and 1-800-MISSING.

“We achieved the strong growth quarter we expected and are on track with the execution of our business plan,” said Lions Gate Chief Executive Officer Jon Feltheimer. “As we approach the

anticipated completion of our merger with Artisan, the consistency of our recent financial performance should give our shareholders confidence in our ability to manage the combined entity with the same financial predictability. We are tremendously excited about the opportunities ahead of us as we move into the new year.”

Lions Gate also pointed out that its contracted backlog remained consistent during the quarter, with $59.8 million at September 30, 2003, compared to $59.5 million at June 30, 2003 and $47.3 million at March 31, 2003.

In addition, shortly after the close of the quarter, the Company issued 28,750,000 common shares, generating a total of $73.5 million in net proceeds after deducting underwriting discounts.

Motion Picture, Television And Home Entertainment Performances Spur Growth

Motion picture revenue of $69.3 million increased 38% from $50.2 million in the prior year’s second quarter. Lions Gate Films scored with the box office horror film CABIN FEVER and a strong DVD performance of HOUSE OF 1000 CORPSES, further increasing that film’s franchise potential. CONFIDENCE was also a contributing factor as a video and DVD release, and the diversification of Lions Gate’s home entertainment operations was underscored by the performance of third-party product such as NBC’s hit comedy WILL & GRACE.

Lions Gate Television’s production revenue of $24.9 million in the second quarter increased 40% from $17.8 million in the prior year’s second quarter. During the quarter, the Company delivered a total of 14 hours of its two dramatic series, DEAD ZONE for USA Networks and 1-800-MISSING for Lifetime Networks. It also delivered 18.5 hours of non-fiction programming to top cable networks, maintaining its supply of approximately 80 hours of nonfiction programming annually.

The Company’s Montreal-based strategic animation partner, CineGroupe, reported $3.9 million in revenues on 13 half-hours of television programming delivered during the quarter, a decrease of 54% compared to $8.5 million in the prior year’s second quarter. Most of CineGroupe’s major filmed entertainment properties, including the Sci-Fi Channel’s prime time series TRIPPING THE RIFT and the animated feature film PINOCCHIO 3000, are scheduled for delivery in the second half of the year. Studio facilities reported $1.6 million in revenues during the quarter, a 14% increase from $1.4 million in the prior year’s second quarter, due to higher rental rates and continued near-capacity utilization at Lions Gate’s North Vancouver, British Columbia studio.

Lions Gate senior management will hold its analyst and investor conference call to discuss fiscal 2004 second quarter results today, November 14, at 8:00 A.M. PT/11:00 A.M. ET. Interested parties may participate live by calling 1-888-423-3281 (1-651-224-7582 outside the U.S. and Canada). A full digital replay will be available from this afternoon through Friday, November 21, by dialing 1-800-475-6701 (1-320-365-3844 outside the U.S. and Canada) and using access code #705685.

Lions Gate is a leading, diversified independent producer and distributor of motion pictures, home entertainment, television programming, animation and video-on-demand content. The Lions Gate brand name is synonymous with original, daring, quality entertainment in markets around the world.

* * * * *

www.lionsgatefilms.com

AMEX and TSX: LGF

The matters discussed in this press release include forward-looking statements. In addition, when used in this press release, the words “expects,” “is slated,” “should,” “are scheduled” and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including risk factors set forth in the Company’s Form 10-K dated June 30, 2003 and Registration Statement on Form S-3 dated September 25, 2003 as supplemented by the supplemental prospectus dated October 9, 2003, each filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.

For further information, contact:

Peter D. Wilkes
310-314-9515
pwilkes@lgecorp.com

LIONS GATE ENTERTAINMENT CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands of U.S. dollars, except share amounts)

	September 30, 2003			March 31, 2003
	(Unaudited)			(Note 2)
Assets
Cash and cash equivalents	$	5,712		$	7,440
Accounts receivable, net of reserve for video returns of $13,972 (March 31, 2003 - $11,364) and provision for doubtful accounts of $6,535 (March 31, 2003 - $7,677)		112,570			94,908
Investment in films and television programs		230,668			206,275
Property and equipment		33,431			32,390
Goodwill, net of accumulated amortization of $5,643		25,048			25,048
Other assets		19,059			19,135
Future income taxes		1,708			1,350
	$	428,196		$	386,546
Liabilities
Bank loans	$	153,361		$	130,921
Accounts payable and accrued liabilities		65,190			48,888
Accrued participations and residuals costs		29,077			26,158
Production loans		15,074			20,339
Long-term debt		53,800			54,379
Deferred revenue		29,888			22,116
Minority interests		7,700			9,028
		354,090			311,829
Commitments and contingencies
Shareholders’ Equity
Preferred shares, 200,000,000 shares authorized, issued in series, including 1,000,000 series A (3,790 and 11,830 shares issued and outstanding) and 10 series B (10 shares issued and outstanding) (liquidation preference $9,665 and $30,167)		10,653			32,519
Common stock, no par value, 500,000,000 shares authorized, 59,627,885 and 43,231,921 shares issued and outstanding		188,441			157,675
Contributed surplus		4,259			—
Accumulated deficit		(122,246	)		(107,942	)
Cumulative translation adjustments		(7,001	)		(7,535	)
		74,106			74,717
	$	428,196		$	386,546

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands of U.S. dollars, except per share amounts)

				Three months ended			Three months ended			Six months ended			Six months ended
				September 30, 2003			September 30, 2002			September 30, 2003			September 30, 2002
Revenues				$	99,765		$	77,845		$	154,703		$	172,057
Expenses:
	Direct operating				51,485			45,419			74,233			89,294
	Distribution and marketing				37,421			18,412			72,239			54,381
	General and administration				8,596			7,850			15,760			15,333
	Amortization				1,633			1,365			3,113			2,703
		Total expenses			99,135			73,046			165,345			161,711
Operating Income (Loss)					630			4,799			(10,642	)		10,346
Other Expenses:
	Interest on debt initially incurred for a term of more than one year				2,486			2,579			4,934			5,215
	Minority interests				(994	)		166			(2,056	)		631
			Total other expenses		1,492			2,745			(2,878	)		5,846
Income (Loss) Before Equity Interests and Income Taxes					(862	)		2,054			(13,520	)		4,500
Other equity interests					56			52			(157	)		446
Income (Loss) Before Income Taxes					(806	)		2,106			(13,677	)		4,946
Income taxes					12			908			(267	)		1,042
Net Income (Loss)					(818	)		1,198			(13,410	)		3,904
Dividends on Series A preferred shares					(127	)		(386	)		(254	)		(792	)
Accretion on Series A preferred shares					(172	)		(500	)		(640	)		(1,023	)
Net Income (Loss) Available to Common Shareholders				$	(1,117	)	$	312		$	(14,304	)	$	2,089
Basic and Diluted Income (Loss) Per Common Share				$	(0.02	)	$	0.01		$	(0.27	)	$	0.05

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(All amounts in thousands of U.S. dollars, except share amounts)

					Series A						Series B
	Common Stock				Preferred Shares						Preferred Shares									Cumulative
															Contributed		Accumulated			Translation
	Number		Amount		Number			Amount			Number		Amount		Surplus		Deficit			Adjustments			Total
Balance at March 31, 2002		43,231,921	$	157,675		11,830		$	30,751			10	$	—	$	—	$	(105,435	)	$	(7,597	)	$	75,394
Net loss available to common shareholders																		(2,507	)					(2,507	)
Accretion of Series A preferred shares						—			1,768															1,768
Foreign currency translation adjustments																					62			62
Balance at March 31, 2003		43,231,921		157,675		11,830			32,519			10		—		—		(107,942	)		(7,535	)		74,717
Issuance of common stock		16,201,056		30,220																				30,220
Exercise of stock options		194,908		546																				546
Redemption of Series A preferred shares						(8,040	)		(22,349	)						4,259								(18,090	)
Net loss available to common shareholders																		(14,304	)					(14,304	)
Accretion of Series A preferred shares						—			483															483
Foreign currency translation adjustments																					534			534
Balance at September 30, 2003		59,627,885	$	188,441		3,790		$	10,653			10	$	—	$	4,259	$	(122,246	)	$	(7,001	)	$	74,106

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in thousands of U.S. dollars)

		Three months ended			Three months ended			Six months ended			Six months ended
		September 30, 2003			September 30, 2002			September 30, 2003			September 30, 2002
Operating activities:
Net income (loss)		$	(818	)	$	1,198		$	(13,410	)	$	3,904
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
	Amortization of property and equipment		891			996			1,803			1,854
	Write-off of projects in development		589			210			1,003			530
	Amortization of pre-operating costs		153			159			307			319
	Amortization of deferred financing costs		360			381			698			703
	Amortization of films and television programs		51,009			44,997			73,227			88,473
	Minority interests		(994	)		166			(2,056	)		631
	Other equity interests		(56	)		(52	)		157			(446	)
Changes in operating assets and liabilities:
	Accounts receivable, net		(24,124	)		16,100			(15,669	)		406
	Increase in investment in films and television programs		(47,207	)		(49,515	)		(95,496	)		(99,525	)
	Other assets		(726	)		(1,104	)		(866	)		(2,655	)
	Future income taxes		(80	)		(212	)		(499	)		—
	Accounts payable and accrued liabilities		5,286			(6,077	)		15,251			(1,508	)
	Accrued participations and residuals costs		1,111			1,330			2,830			5,891
	Deferred revenue		(5,079	)		(5,278	)		7,094			1,447
Net cash flows provided by (used in) operating activities			(19,685	)		3,299			(25,626	)		24
Financing activities:
Issuance of common stock			546			—			30,766			—
Redemption of Series A preferred shares			—			—			(18,090	)		—
Dividends paid on Series A preferred shares			(254	)		(792	)		(254	)		(792	)
Increase (decrease) in bank loans			27,530			(10,841	)		20,334			(17,153	)
Decrease in restricted cash			—			229			—			470
Increase (decrease) in production loans			(5,236	)		7,149			(6,427	)		10,640
Increase (decrease) in long-term debt			(7,605	)		9,772			(2,865	)		9,414
Net cash flows provided by financing activities			14,981			5,517			23,464			2,579
Investing activities:
Cash received from discontinued operation			—			2,240			—			2,240
Purchase of property and equipment			(156	)		(805	)		(283	)		(1,649	)
Net cash flows provided by (used in) investing activities			(156	)		1,435			(283	)		591
Net change in cash and cash equivalents			(4,860	)		10,251			(2,445	)		3,194
Foreign exchange effect on cash			(479	)		98			717			1,920
Cash and cash equivalents-beginning of period			11,051			1,406			7,440			6,641
Cash and cash equivalents-end of period		$	5,712		$	11,755		$	5,712		$	11,755

LIONS GATE ENTERTAINMENT CORP.
RECONCILIATION OF EBITDA TO NET INCOME (LOSS)
(All amounts in thousands of U.S. dollars)

	Three Months			Three Months			Six Months			Six Months
	Ended			Ended			Ended			Ended
	September 30,			September 30,			September 30,			September 30,
	2003			2002			2003			2002
EBITDA, as defined	$	2,319		$	6,217		$	(7,686	)	$	13,495
Amortization		(1,633	)		(1,365	)		(3,113	)		(2,703	)
Interest		(2,486	)		(2,579	)		(4,934	)		(5,215	)
Minority interests		994			(166	)		2,056			(631	)
Income taxes		(12	)		(909	)		267			(1,042	)
Net income (loss)	$	(818	)	$	1,198		$	(13,410	)	$	3,904