DreamWorks Animation‘s second-quarter revenue rose 38% over the same period last year, while net income zoomed upward 42%, the company announced Tuesday.
The Glendale, California-based studio gave financial results for its second quarter ended June 30. For the quarter, the company reported total revenue of $218.3 million and net income of $34.1 million, or 40 cents per share on a fully diluted basis. This compares to revenue of $158.1 million and net income of $24.0 million, or 27 cents per share on a fully diluted basis, for the same period in 2010.
“Kung Fu Panda 2 is currently the fifth highest-grossing film of 2011 on a global basis and has exceeded $600 million at the worldwide box office to date,” said DWA chief executive officer Jeffrey Katzenberg. “We are looking forward to the next two big events for the company during the second half of the year: the November 4 theatrical release of Puss In Boots, and the release of Kung Fu Panda 2 into the home video market in the fourth quarter.”
Released on May 26, Kung Fu Panda 2 contributed $55.8 million of revenue in the quarter, generated by its worldwide box office performance, as well as merchandising and licensing activities. It has grossed approximately $160 million in domestic box office and approximately $440 million in international box office to date.
Last year’s Megamind contributed $19.7 million of revenue in the quarter, driven primarily by home entertainment. The film reached an estimated 4.3 million home entertainment units sold worldwide through the end of the second quarter, net of actual and estimated future returns.
Shrek Forever After and How To Train Your Dragon — both released in 2010 as well — contributed $34.9 million and $41.4 million of revenue in the quarter, respectively, driven primarily by worldwide pay-TV and home entertainment. These films reached an estimated 8.8 million and 8.7 million home entertainment units, respectively, sold worldwide through the end of the second quarter, net of actual and estimated future returns.
DWA expects that its third-quarter results will be driven primarily by the continued international box office performance of Kung Fu Panda 2, in addition to domestic pay-TV revenue from Megamind.