UPDATE 2-Lions Gate Q1 profit rises on Mandate, TV

* Q1 EPS $0.31 vs $0.03 last year, 30 pct rise in revenue

* Adjusted EPS $0.21 cents beats analysts' forecasts

* Shares up 11.5 pct in after-hours trade

(Adds byline, details from press release; updates shares)

By Gina Keating

LOS ANGELES, Aug 10 (Reuters) - Independent film studio Lions Gate Entertainment Corp (LGF.N) posted a sharply higher profit on Monday because of strong performances at its television production arm, TV Guide partnership and at Mandate Pictures, home to hit films "Juno" and "Drag Me To Hell."

Shares of the company -- which has been under pressure from billionaire Carl Icahn, who owns a 16.9 percent stake -- rose 11.5 percent in after-hours trade, to $7.20, after closing up 8.2 percent at $6.46 on the New York Stock Exchange.

Lions Gate reported a first-quarter net profit of $36.3 million, or 30 cents a share, compared with a year-earlier profit of $3.5 million, or 3 cents a share.

Excluding a gain on extinguishment of debt, Lions Gate posted a profit of 21 cents per share for the quarter ended June 30. On that basis, analysts were expecting a loss of 1 cent per share, according to Reuters Estimates.

Revenue rose 30 percent to $387.7 million in the quarter.

Lions Gate is on track to achieve its previous forecast for $75 million in adjusted earnings before interest, taxes, depreciation and amortization in fiscal 2010, Chief Executive Jon Feltheimer said in a statement.

Motion picture revenue for the quarter rose 6 percent from a year earlier, while home entertainment revenue from DVD releases of films such as "Madea Goes to Jail," "My Bloody Valentine 3-D" and "New In Town" fell 6 percent from the prior year quarter, the company said.

Revenue from Mandate Pictures, which Lions Gate bought in August 2007, grew to $53.1 million in the quarter, from $8.5 million a year earlier on contributions from the films "Juno," "Drag Me to Hell" and "Passengers."

Television production revenue rose 112 percent, mainly on licensing of domestic series from Lions Gate Television and Deb-Mar Mercury, as well as revenue from the company's joint venture with ISH Entertainment.

General and administrative expenses rose to $41.1 million in the quarter from $38.3 million a year earlier, reflecting the addition of TV Guide Network and TV Guide.com.

Lions Gate management plans to discuss the results at a conference call on Tuesday morning.

(Reporting by Gina Keating. Editing by Robert MacMillan)