DreamWorks Animation SKG Inc. (DWA: Quote), 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.
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by RTT Staff Writer
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