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Friday, Mar 29, 2024

“Shrek” Brings In Green For DreamWorks Animation

Strong sales of the “Shrek the Third” DVD contributed to a net profit of $94.1 million in the fourth quarter for DreamWorks Animation SKG Inc. The Glendale-based animation studio’s third film featuring the gentle green ogre and smartaleck donkey sidekick brought in a total of $800 million in worldwide box office receipts since its release in May. The success of “Shrek the Third” and the spinoff holiday television special “Shrek the Halls” shows the value of the company’s strategy of building business around successful franchises, CEO Jeffrey Katzenberg said. For the fourth quarter ending Dec. 31, the company had net income of $94.1 million, or $0.98 per diluted share, on revenues of $290.2 million. For the same period in 2006, the company reported a net loss of $21.3 million, or a loss of $0.20 per diluted share, on revenues of $204 million primarily due to the poor box office for its feature “Flushed Away.” For 2007, DreamWorks reported a net income of $218.4 million, or $2.17 per diluted share, on revenues of $767.2 million. That is a substantial increase from the net income of $15.1 million, or $0.15 per diluted share, on revenues of $394.5 million for 2006. DreamWorks expects 2008 financial results to be driven primarily by its summer release, “Kung Fu Panda.” DreamWorks shares closed at $24.44

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