Earnings Roundup: DreamWorks Animation, Reading International, Peerless Systems, American States Water

0



& #8226;DreamWorks Animation SKG Inc.

Dreamworks SKG, the Glendale-based animated film company, reported fourth-quarter net income of $192 million ($1.99 per diluted share), compared with a loss of $36.6 million (48 cents) for the like period a year earlier. Revenue for the quarter rose to $495.7 million from $134.6 million a year earlier.


The fourth quarter was DreamWorks Animation’s first quarter as a public company. The company had its IPO in October 2004.


Pro forma results for the fourth quarter, which assume the company’s distribution agreement with DreamWorks Studios had been in effect for the entire year, were as follows: net income was $168.1 million ($1.61 per diluted share) and revenue totaled $445.2 million. The difference between actual results and pro forma results is the reimbursement of marketing and distribution costs for the Shark Tale movie incurred in the third quarter, prior to the film’s release.


The most recent fourth-quarter results include charges of $34 million related to the separation from DreamWorks, the IPO and a special all-employee bonus.



& #8226;Reading International Inc.


Reading International Inc., an L.A.-based movie theater operator and real estate firm, reported a fourth-quarter loss of $4.4 million (20 cents per diluted share), compared with a loss of $2.9 million (12 cents) for the like period a year earlier. Revenue for the quarter rose 6.7 percent to $26.5 million.


The company said quarterly net income was negatively affected by a $223,000 charge related to opening two new theaters in Australia, $165,000 incurred from financing costs, a $206,000 charge related to executive staff salaries, $350,000 due to Sarbanes Oxley implementation, and a $506,000 charge from the company’s discontinued railroad operations.



& #8226;Peerless Systems Corp.


Peerless Systems Corp., the El Segundo-based maker of imaging and networking controllers for the digital document markets reported fourth-quarter net revenue of $1.1 million (7 cents per diluted share), compared with $643,000 (4 cents) for the like period a year earlier. Revenue for the quarter, which ended Jan. 31, rose 8 percent to $8.3 million.


The company expects fiscal 2006 revenue in the range of $30 million and $35 million, and net income in excess of $1 million. Peerless Systems expects first quarter revenues will be between $6 million and $6.3 million, and its first-quarter net loss will not exceed $1 million.



& #8226;American States Water Co.


American States Water Co., a San Dimas-based holding company for utilities, reported fourth-quarter net income of $2.7 million (16 cents per diluted share), compared with a loss of $1.8 million (12 cents) for the like period a year earlier. Revenue for the quarter rose to $53 million from $50.5 million in the comparable period of the prior year.

No posts to display