'Shrek Forever After' Is DreamWorks Animation's Biggest International Title Ever
Film fuels company's $39.8 million third-quarter profits.
UPDATED 4:28 p.m. Tuesday, Oct. 26, 2010
"Shrek Forever After," once deemed by analysts a disappointment, has become DreamWorks Animation's biggest international title in history.
CEO Jeffrey Katzenberg made that revelation Tuesday in announcing third-quarter financial results that impressed Wall Street.
The fourth movie starring the lovable green ogre took in $497 million internationally and, combined with $238 million domestically, boasts a worldwide haul of $735 million.
And Shrek isn't nearly done scaring up cash for DWA, because "Shrek Forever After" comes out on DVD and Blu-ray Disc on Dec. 7, as does "Shrek: The Whole Story," a boxed set of all four movies.
The four "Shrek" movies have brought in $3 billion at the worldwide boxoffice, Katzenberg said.
During Tuesday's earnings call, Katzenberg also was crowing about the Oct. 15 home entertainment release of "How to Train Your Dragon," though he was careful not to draw any conclusions from the better-than-expected sales thus far.
"It has remained a top-selling title on DVD and Blu-ray as well as the No. 1 download-to-own title over the last two weeks," he said.
Speaking to The Hollywood Reporter after the earnings call, he summed up his reaction: "It's a fantastic launch. Unexpected, strong results and a high, high degree of caution."
The problem, he told analysts, is that "we see a very, very competitive and dynamic marketplace that is shifting weekly."
The company on Tuesday said that third-quarter profit more than doubled to $39.8 million on revenue that jumped 40% to $189 million. "Shrek Forever After" contributed $120.4 million to DWA's third-quarter revenue.
"Dragon" contributed only $800,000 during the third quarter, though the DVD is racking up revenue during the current quarter.
"Monsters vs. Aliens" contributed $11 million during the third quarter through international pay television and DVD sales, now at 8.4 million units, and "Kung Fu Panda" and "Madagascar: Escape 2 Africa" contributed $9.8 million and $2.6 million, respectively. Library titles were good for $44.3 million.
Shares of DWA rose 3.4% to $34.36 during normal trading and surged an additional 6% after the closing bell, when the company released its earnings results.
Katzenberg noted that DWA already has two movies -- "Shrek Forever After" and "Dragon" -- on this year's list of top 10 boxoffice performers.
With "Megamind" set to open Nov. 5, not only does 2010 mark the first year DWA will have three theatrical releases but also the first year it will have two titles new on DVD for the Christmas frame.
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