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Wednesday, Jun 7, 2023

DreamWorks Animation profits up for 3Q

DreamWorks Animation SKG Inc. reported a net income of just more than $10 million for the third quarter ending Sept. 30, the company announced Tuesday. During a conference call with analysts, DreamWorks Animation executives characterized the quarter as “quiet” because the company had no major releases in theaters or in the home entertainment market. The Glendale-based creator of the popular “Shrek” films reported net income of $10.5 million, or $0.10 per diluted share, on revenues of $55.6 million. That is a considerable increase over the net loss of $700,000, or per diluted share loss of $0.01, on revenues of $87.1 million for the same quarter in 2005. The company’s next animated release “Flushed Away” comes to theaters Nov. 3. The company doesn’t expect significant revenue by year’s end on the film as its distributor will not have recouped its upfront costs, said Chief Financial Officer Kris Leslie. While the quarter was quiet in terms of new releases, there was a lot going on with project development, said DreamWorks Animation CEO Jeffrey Katzenberg. The company was moving ahead with expansion of its “Shrek” franchise with a Broadway musical debuting in early 2008 and development of a film starring the Puss in Boots character from “Shrek 2,” Katzenberg said. Because of the strength of its concept, the Puss in Boots feature will be released to theaters rather than direct to video as originally planned so that it will succeed better as part of the Shrek franchise, Katzenberg said. “Right now our plan is for it follow chapter four of ‘Shrek’ scheduled for 2010,” Katzenberg said.

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