‘Shrek’ helps DreamWorks post a profit
DreamWorks Animation SKG Inc. said Tuesday that it swung to a profit in the fourth quarter as revenue rose 42% from a year earlier, led by the blockbuster performance of “Shrek the Third.”
The Glendale-based company said net income rose to $94.1 million, or 98 cents a share, compared with a loss of $21.3 million, or 20 cents, a year earlier. Revenue reached $290.2 million.
Analysts polled by Thomson Financial, on average, expected the company to post earnings of 72 cents a share on revenue of $277 million.
DreamWorks shares rose 55 cents to $24.44 before the earnings were announced. They climbed an additional $1.05, or 4.3%, in after-hours trading.
DreamWorks’ “Bee Movie,” which was released Nov. 2, was considered by analysts to be a box office disappointment, taking in $126.6 million in the U.S. and $285.2 million worldwide.
Chief Executive Jeffrey Katzenberg said the profitability of “Bee Movie” would rest largely on its success when it is released on DVD next month.
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