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 television 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," said DreamWorks Chief Jeffrey Katzenberg in a statement.
-- Richard Verrier