DreamWorks Animation Income Drops in Q2

By staff-author

July 29, 2008

14

Net income for DreamWorks Animation SKG Inc. dropped by 55 percent in the second quarter when compared with the same period from a year ago. The quarter included the release of the Glendale animation company’s summer film “Kung Fu Panda,” which brought in $320 million in domestic box office revenues. Internationally, the film brought in $400 million. For the quarter ending June 30 the company reported a net income of $27.5 million, or $0.30 per diluted share, on revenues of $140.8 million. For the same period in 2007, the company had net income of $61.8 million, or $0.60 per diluted share, on revenues of $222.5 million. The difference in net income and revenues can be attributed to the release schedules of DreamWorks films. The studio’s 2007 summer hit “Shrek the Third” was released earlier in the quarter than “Kung Fu Panda” had been this summer. “Panda” is turning out to be the most successful non-sequel from DreamWorks and exceeded expectations domestically and internationally, said CEO Jeffrey Katzenberg.

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