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

February 23, 2010 |  1:52 pm

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