DreamWorks Animation Profits Off in Q2

Net income fell by 6 percent in the second quarter for DreamWorks Animation SKG Inc. when compared to the same period a year ago. The Glendale-based animation studio reported net income of $24 million, or $0.27 per diluted shares, on revenues of $158 million for the quarter ending June 30. For the same period in 2009, the company had net income of $25.6 million, or $0.30 per diluted share, on revenues of $131 million. Revenue in the second quarter came primarily from the feature releases “How to Train Your Dragon” and “Shrek Forever After.” The fourth and final installment of the “Shrek” series brought in more than $600 million in worldwide box office since its release two months ago. For the second half of the year, DreamWorks forecasts much of its revenue coming from its third feature release “Megamind” and the home entertainment releases of “Dragon” and “Shrek Forever After.” “We have once again surpassed $1 billion in worldwide box office and with Megamind still to be released, we are on track to make 2010 not only DreamWorks Animation’s single biggest year at the box office, but also the biggest year ever for any CG animation studio,” said CEO Jeffrey Katzenberg. Mark R. Madler