DreamWorks Animation SKG Inc. said Tuesday that its net income more than doubled in the first quarter due to strong revenue growth from the sequel “Madagascar: Escape 2 Africa.”
After the markets closed, the Glendale animated film studio reported net income of $62 million (71 cents per share), compared with $26 million (28 cents) a year ago. Revenue rose 68 percent to $263 million.
Analysts surveyed by Thomson Reuters on average expected per-share net income of 45 cents on revenue of $212 million.
The second movie in the “Madagascar” franchise, first released in November, brought in $148 million in revenue, mostly home video sales and overseas theatrical release. “Kung Fu Panda,” which opened in North America last June, contributed $34 million, mainly from overseas DVD sales. “Monsters vs. Aliens,” its first 3-D film which was released March 27, only contributed $10.5 million to the quarter, but has gone on to approximately $320 million in worldwide box office sales.
“This marks the company’s strongest first quarter ever,” Chief Executive Jeffrey Katzenberg said in a statement.
Dreamworks shares, which closed up 16 cents, or less than 1 percent, to $19.07 on the Nasdaq, jumped 13 percent in after-hours trading.
