DreamWorks posts $15.4 mn net income

MUMBAI: DreamWorks Animation has reported total revenue of $93.7 million and net income of $15.4 million, for the quarter ended 31 March 2007.


 


This compares to revenue of $60.1 million and net income of $12.3 million, or $0.12 per share on a fully diluted basis, for the same period in 2006.


 


For the period, the largest contributor of revenue was Over the Hedge, which contributed approximately $33.1 million of revenue driven primarily by home video. Through the first quarter of 2007, Over the Hedge has reached an estimated 12.6 million units shipped, net of actual returns and estimated future returns.


 


Shark Tale contributed approximately $18.1 million driven primarily by domestic network television and Shrek 2 contributed approximately $17.5 million driven primarily by international network television. The company’s 2005 release, Wallace and Gromit: The Curse of the Were-Rabbit, contributed approximately $9.4 million of revenue, driven by home video and international pay television. Through the first quarter, Wallace and Gromit: The Curse of the Were-Rabbit has reached an estimated 5.8 million units shipped net of actual returns and estimated future returns. Madagascar contributed approximately $6.4 million of revenue driven primarily by home video catalogue sales.


 


The company’s latest release, Flushed Away has reached approximately $176 million in worldwide box office. While the film has not yet been fully recouped by the company’s distributor, it did contribute $1.2 million of revenue in the quarter driven by merchandising and licensing. The title was released on home video domestically on February 20, 2007 and through the end of the first quarter has reached an estimated 3.2 million units shipped, net of actual returns and estimated future returns.


 


DreamWorks Animation’s fall release, Bee Movie, is expected to open domestically in theatres on 2 November 2007. As is typical in the quarter of a film’s theatrical release, the company does not anticipate generating significant revenue in the fourth quarter from this title, as its distributor will likely not have recouped its upfront marketing and distribution costs.

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