DreamWorks Animation reports 16% drop in the fourth quarter net income

DreamWorks Animation SKG, creator of the "Shrek" and "Kung Fu Panda" movies, reported a 16% drop in fourth quarter net income compared with a year ago, but that was better than Wall Street was expecting.

The Glendale-based studio reported that it earned $43.6 million, or 50 cents a share, on revenue of $194.2 million in the three months ended Dec. 31.

That's down from $51.6 million, or 59 cents a share on revenue of $199.8 million during the same period in 2008, the company said.

Still, the results surpassed what analysts had projected, helped by $50.4 million in revenue generated from two holiday tv specials, "Monsters vs. Aliens: Mutant Pumpkins From Outer Space" and "Merry Madagascar."

Analysts polled by Thomson Reuters estimated that DreamWorks would report fourth quarter net income of 37 cents per share on revenue of $176 million.

"Thanks to the success of our core business and the performance of our TV initiatives, DreamWorks Animation had a very strong fourth quarter," stated DreamWorks Chief Jeffrey Katzenberg in a statement.

– Richard Verrier

source : latimesblogs.latimes.com

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Submited at Tuesday, February 23rd, 2010 at 5:00 pm on News by Shelton
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