DreamWorks Animation SKG Inc reported lower, but still better-than-expected second quarter earnings as an older animated film, "Kung Fu Panda," did well on pay TV, DVDs and licensed video games.
DreamWorks late Tuesday reported net income of $25.6 million (30 cents per share), compared with net income of $27.5 million (30 cents) a year ago, when "Panda" was first released in theaters. Revenue fell 7 percent to $132 million.
Analysts surveyed by Thomson Reuters on average expected earnings of 16 cents per share on revenue of less than $118 million.
"Panda," contributed about $32.7 million of revenue in the quarter, mainly on domestic pay television. "Madagascar: Escape 2 Africa," released last fall, contributed $26.1 million.
Dreamworks shares were up $2.03, or 7 percent, in Wednesday midday trading on the Nasdaq.
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