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DreamWorks Q1 Profit Rises On 'Puss In Boots'

DreamWorks Q1 Profit Rises On 'Puss In Boots'

DreamWorks Animation SKG Inc. (DWA), the maker of 'Shrek' and 'Kung Fu Panda' film series, Wednesday said its first-quarter profit increased, driven mainly by the international box office performance and home-video revenues from the film 'Puss In Boots'. DreamWorks' both earnings and revenues for the quarter exceeded analysts' expectations.

Puss In Boots, which is a spin off from the highly successful film series Shrek, has also been a box office smash and has raked in about $554 million at box offices worldwide to date. Puss in Boots contributed $73.6 million to the first-quarter's revenues.

Kung-fu Panda 2 also contributed $14.1 million of revenues, helped by home entertainment. Other films which contributed to the company's revenue include Megamind and Shrek Forever After.

First-quarter revenues grew to $136.1 million from $108.0 million last year. Wall Street analysts on a consensus expected revenues of $133.52 million for the quarter.

Glendale California-based DreamWorks' first-quarter net income increased to $9.1 million or $0.11 per share from $8.8 million or $0.10 per share last year. On average, 13 analysts polled by Thomson Reuters expected earnings of $0.09 per share for the quarter. Analysts' estimates typically exclude one-time items.

Moving ahead, the company expects the release of 'Madagascar 3: Europe's Most Wanted' to bolster its second quarter results, which will be released on June 8. DreamWorks also expects second-quarter results to reflect television revenues from Kung Fu Panda 2 and home entertainment revenues from Puss In Boots.

DWA closed Wednesday's trading at $18.46, up $0.36 or 1.99%, on the NYSE.

by RTT Staff Writer

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