DreamWorks 4Q profit misses views but sales upbeat

0
19

LOS ANGELES (AP) — DreamWorks Animation SKG Inc. said Tuesday that its fourth-quarter net income fell, as results from “Puss in Boots” and “Kung Fu Panda 2” did not hold up to the three movies it released last year, including the finale of the “Shrek” franchise.

Its net income came in short of Wall Street’s expectation and the company’s stock slipped 5 percent in extended trading on the news.

Net income in the three months to Dec. 31 came to $24.3 million, or 29 cents per share, down from $85.2 million, or 99 cents per share, a year ago.

Analysts polled by FactSet were looking for earnings of 32 cents per share.

Revenue fell 21 percent to $219 million from $276 million a year ago. That beat the $206 million that analysts were looking for.

“Kung Fu Panda 2” contributed about $50 million in revenue, mainly through its release on Blu-ray and DVD. “Puss in Boots” added $24 million mostly through movie ticket sales and licensing revenue.

Last year, “Shrek Forever After” and “How To Train Your Dragon” both added revenue through holiday home movie sales, while “Megamind” brought in consumer products revenue.

The next big event for the company is the theatrical release of “Madagascar 3” in June.

Shares were down $1.01 at $18.64 in after-hours trading Tuesday, after gaining 40 cents, or 2 percent, to close at $19.65 in the regular session.