DreamWorks Animation Surprises Wall Street By Making Money to Open 2013
DreamWorks Animation posted net income of $5.6 million in the first fiscal quarter of 2013, surprising Wall Street analysts that forecast a loss. The company posted earnings per share of $0.07, a small gross, but better than the $0.03 analysts had expected.
The company pieced together $134.6 million in revenue from home entertainment, live theatrical performances and its library, as it released no new titles during the quarter. Its library contributed $41.4 million while past releases like "Madagascar 3: Europe's Most Wanted" and "Rise of the Guardians" helped on the home entertainment side.
The company lost $82.7 million dollar in its previous quarter, due in large part to the underwhelming performance of "Rise and the Guardians" in theaters. Though that film made $302 million at the worldwide box office, the cost of producing and marketing the film forced the studio to take a substantial write-down.
The film was a rare miss for the studio, which has birthed iconic franchises such as "Shrek" and "Kung Fu Panda."
DreamWorks Animation has already rebounded with its most recent film, "The Croods," which has grossed $468 million at the box office to-date.
As the only major animated film in distribution for much of the Spring, the film has held up quite well at the box office, particularly overseas.
However, most of its run occurred in the second fiscal quarter, so it did wield much influence on the first. "'The Croods' has reached a blockbuster level of nearly $480 million at the worldwide box office and is well on its way to becoming the number one movie released during the first four months of 2013."