D'Works Animation posts higher profit
EmptyDreamWorks Animation SKG Inc., the studio behind the "Shrek" movies, reported higher first-quarter profit Tuesday, driven by home video sales for "Over the Hedge."
For the three months ended March 31, the Glendale-based company reported net income of $15.4 million, or 15 cents per share, compared to net income of $12.3 million, or 12 cents per share, in the year-ago period.
Revenue rose to $93.7 million, compared to $60.1 million in the same period last year.
Analysts surveyed by Thomson Financial had expected profit of 7 cents per share on revenue of $68.3 million.
The results from the quarter included a $6.8 million tax benefit, the company said.
"In what was a relatively quiet quarter, our library of titles continued to perform well especially in the home video market, with 'Over the Hedge' performing even better than we had expected," CEO Jeffrey Katzenberg said in a statement.
Shares of DreamWorks rose 61 cents, or 2.1%, to close at $29.89 on the New York Stock Exchange.