DreamWorks Animation Income Drops in Q1

Net income dropped by 59 percent for DreamWorks Animation SKG Inc. in the first quarter when compared to a year ago. The Glendale-based animation studio released no new films in the first three months of the year and relied primarily on home entertainment releases for revenue. For the first quarter, DreamWorks Animation reported net income of $8.8 million, or $0.10 per diluted share, on revenues of $108 million. In the same period in 2010, the company had net income of $21.7 million, or $0.24 per diluted share, on revenues of $162.1 million. “Megamind” brought in $18.1 million in revenues, primarily from the home entertainment release in February; “Shrek Forever After” brought in $19.9 million;” and “How to Train Your Dragon” brought in $8.7 million. “Kung Fu Panda 2” is expected to be the big revenue generator in the second quarter. The film is released May 26. “Family entertainment – and CG animation in particular – has performed at the top of the box office charts so far this year,” said DreamWorks Animation CEO Jeffrey Katzenberg. Mark R. Madler