DreamWorks Animation’s Profit Rises by 24 Percent

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DreamWorks Animation

Dream­Works Animation

Dream­Works Ani­ma­tion had net income of $24.4 mil­lion for the third quar­ter ended Sep­tem­ber 30, up 24% from $19.7 mil­lion for the same period in 2011, the stu­dio announced Thursday.

For the quar­ter, the com­pany reported total rev­enue of $186.3 mil­lion. This com­pares to rev­enue of $160.8 mil­lion for the same period in 2011.

Dream­Works Animation’s third quar­ter results were dri­ven by the block­buster inter­na­tional box office suc­cess of Mada­gas­car 3: Europe’s Most Wanted, which has earned nearly $720 mil­lion at the world­wide box office to date, to become the fifth highest-grossing film of the year on a global basis,” said CEO Jef­frey Katzen­berg. “We are look­ing for­ward to the next major event film for the com­pany dur­ing the fourth quar­ter, the Novem­ber 21 the­atri­cal release of Rise of the Guardians.”

Mada­gas­car 3: Europe’s Most Wanted con­tributed about $47.1 mil­lion of rev­enue to the quar­ter, dri­ven pri­mar­ily by its per­for­mance at the world­wide box office. Released on June 8, the film has grossed over $216 mil­lion at the domes­tic box office and approx­i­mately $503 mil­lion at the inter­na­tional box office to date.

Puss In Boots con­tributed $44.8 mil­lion of rev­enue to the quar­ter, dri­ven pri­mar­ily by domes­tic and inter­na­tional pay tele­vi­sion. The film reached an esti­mated 5.6 mil­lion home enter­tain­ment units sold world­wide through the end of the third quar­ter, net of actual and esti­mated future returns.

Kung Fu Panda 2 con­tributed $9 mil­lion of rev­enue to the quar­ter, dri­ven pri­mar­ily by inter­na­tional pay tele­vi­sion. The film reached an esti­mated 6 mil­lion home enter­tain­ment units sold world­wide through the end of the third quar­ter, net of actual and esti­mated future returns.

Mega­mind con­tributed 700,000 of rev­enue to the quar­ter and reached an esti­mated 5.6 mil­lion home enter­tain­ment units sold world­wide through the end of the third quar­ter, net of actual and esti­mated future returns.

DWa’s library con­tributed approx­i­mately $50.6 mil­lion of rev­enue to the quar­ter. All other items, includ­ing non-feature film busi­nesses, con­tributed $30.1 mil­lion of rev­enue to the quarter.

The company’s acqui­si­tion of Clas­sic Media, which closed August 29, con­tributed about $4 mil­lion of rev­enue to the quar­ter, pri­mar­ily from home entertainment.

Costs of rev­enue for the third quar­ter equaled $114 mil­lion. Sell­ing, gen­eral and admin­is­tra­tive expenses totaled $36.5 mil­lion, includ­ing approx­i­mately $3 mil­lion of stock-based com­pen­sa­tion expense.

The company’s income tax expense for the third quar­ter was $14.3 mil­lion. Its com­bined effec­tive tax rate — the actual tax rate cou­pled with the effect of the company’s tax shar­ing agree­ment with a for­mer stock­holder — was approx­i­mately 34.5% for the third quarter.

Dream­Works Animation’s fourth-quarter results are expected to be dri­ven pri­mar­ily 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 Novem­ber 21 the­atri­cal release of Rise of the Guardians is also expected to con­tribute to the company’s fourth-quarter results.

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