DWA reports Q4 profit decline
High hopes for 'Monsters' movie keep stock flatNEW YORK -- DreamWorks Animation reported Tuesday its fourth-quarter profit fell 45% to $51.6 mililon on revenue that sunk 31% to $199.8 million.
At first blush, the results disappointed Wall Street and the stock quickly retreated in after-hours trading, but as CEO Jeffrey Katzenberg talked up prospects for "Monsters vs. Aliens" the stock recovered.
Katzenberg also noted that DVD sales remain strong despite a U.S. economy that has tanked, and he boasted that "Kung Fu Panda" and "Madagascar: Escape 2 Africa" have, together, exceeded $1.2 billion in worldwide boxoffice receipts.
During the regular session, shares of DWA were 4% higher to $19.76 and they were about even in after-hours after initially dropping 7%.
For the quarter, "Panda" contributed $101.8 million in revenue, primarily via DVD sales, while the second "Madagascar" film contributed $24 million, mostly from consumer products and from the distributor.
"Over the Hedge" added $23.2 million, mostly because of TV. "Bee Movie" and "Shrek the Third" were good for $9.7 million and $9.3 million, respectively.
"Flushed Away" contributed $2.8 million and library titles combined with "Shrek The Musical" and "Shrek the Halls" contributed $29 million.
That revenue and profit were down during the quarter compared with the same frame a year ago wasn't a surprise, given that the year-ago quarter got a jolt from the "Shrek the Third" DVD.