Shares of DreamWorks Animation SKG Inc. fell more than $2 today after the studio reported a 72 percent drop in earnings yesterday.

Shares closed at $17.26 after starting the day at $19.65.

DreamWorks reported net income of $24.3 million, or $0.29 per diluted share, on revenues of $219 million for the quarter ending Dec. 31. For the same period in 2010, the company had net income of $85.2 million, or $0.99 per diluted share, on revenues of $275.7 million.

The company blamed the earnings shortfall on weak sales from both “Puss In Boots” and “Kung Fu Panda 2” compared to much stronger sales of “Shrek Forever After” in 2010. In the fourth quarter of 2010, “Shrek” and “How to Train Your Dragon” had combined sales of $150 million. By comparison, home entertainment revenues for the fourth quarter of 2011 came to just $73.4 million: $49.6 million from “Kung Fu Panda 2” and box office revenues of $23.8 million from “Puss In Boots.”

For the full 2011 fiscal year, DreamWorks reported net income of $86.8 million, or $1.02 per diluted share, on revenues of $706 million. In the 2010 fiscal year the company had net income of $170.6 million, or $1.96 per diluted share, on revenues of $784.8 million.

Fiscal 2012 revenues will be come primarily from “Madagascar 3” coming to theaters in June.

Mark R. Madler