Wednesday, February 27, 2008

DreamWorks Swings to a Profit on 3rd 'Shrek' Movie

DreamWorks Animation SKG said Tuesday that it swung to a profit in the fourth quarter, as revenues rose 42 percent from a year earlier led by the blockbuster performance of "Shrek the Third."
The company said net profit reached $94.1 million, or 98 cents a share, up from a loss of $21.3 million, or 20 cents as hare, in the fourth quarter of 2006.
Quarterly revenue was $290.2 million.
Analysts polled by Thomson Financial, on average, expected the company to post earnings of 72 cents a share on revenue of $277 million.
DreamWorks shares rose 55 cents to $24.44 before the earnings were announced. They climbed as high as $25.50 in after-hours trading.
Dreamworks' "Bee Movie," which was released Nov. 2, was considered by analysts to be a box office disappointment, taking in $126.6 million in the United States and $285.2 million worldwide.© The New York Times

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