DreamWorks Animation SKG Inc. late Tuesday reported a 65 percent lower first quarter profit, largely due to the lack of a major home video release. The results still beat Wall Street expectations.
After the markets closed, the Glendale animated film company reported net income of $21.7 million (24 cents a share), compared with $62.3 million (71 cents) a year earlier. Revenue was down 39 percent to $162 million, with its new 3D release, "How To Train Your Dragon,” contributing $59.7 million to the quarter.
Analysts surveyed by Thomson Reuters on average had expected per-share profit of 22 cents on revenue of more than 135 million.
"2010 is off to a strong start, thanks in large part to the performance of “How To Train Your Dragon,” said Chief Executive Jeffrey Katzenberg in a statement."3D continues to have a tremendous impact on the industry at large.”
The film, released in late March so far as which has grossed nearly $375 million at the global box office, and the company announced a sequel would be release in 2013. DreamWorks is set to release a 3-D version of its last film in the Shrek franchise, "Shrek Forever After," on May 21.
Share earlier closed down 62 cents, or 1.5 percent, to $42.36 on the Nasdaq.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- DreamWorks’ First Quarter Down on Lack of New Releases
- Lower DreamWorks Earnings Still Beats Expectations
- Shrek Powers DreamWorks Revenues
- Imax, DreamWorks Team Up
- DreamWorks Animation Misses First-Quarter Profit Estimates
- Activision, DreamWorks Expand Deal
- 'Gromit' Sinks DreamWorks Earnings
- DreamWorks Quarter Falls Short