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DreamWorks Animation posts 24% jump in profit in third quarter

November 01, 2012|By Richard Verrier
  • A scene from DreamWorks Animation's upcoming animated film "Rise of the Guardians."
A scene from DreamWorks Animation's upcoming animated film "Rise… (DreamWorks Animation )

DreamWorks Animation reported a 24% jump in profits in the third quarter due to the box-office success of "Madagascar 3: Europe's Most Wanted."

The Glendale-based animation studio posted net income of $24.4 million, or $0.29 a share, on revenues of $186.3 million, in the quarter ended Sept. 30. That compared with a profit of $19.7 million, or $0.23 per share, on revenues of $160.8 million during the same period in 2011.

DreamWorks Animation Chief Executive Jeffrey Katzenberg said the results stemmed from the "blockbuster international box office success" of "Madagascar 3: Europe's Most Wanted," which he said was the fifth-highest-grossing film of the year on a global basis.

Since its June 8 release, the movie has grossed over $216 million at the domestic box office and approximately $503 million internationally.

"Puss In Boots" contributed $44.8 million of revenue to the quarter, driven mainly by domestic and international pay television. "Kung Fu Panda 2" accounted for $9 million of revenue, also mostly from overseas pay television.

The company's recent acquisition of Classic Media, which closed on Aug. 29, produced approximately $4 million of revenue, primarily from home entertainment.

DreamWorks Animation's fourth-quarter results are expected to be driven by the continued performance of "Madagascar 3: Europe's Most Wanted" in the international box office as well as the global home video market. The theatrical release of "Rise of the Guardians" on Nov. 21 is also expected to contribute to the company's fourth-quarter results. 

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