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DreamWorks Animation Beats Fourth Quarter Expectations

DreamWorks Animation SKG, Inc. on Thursday reported financial results for its fourth quarter and full year ended December 31, 2004. Fourth quarter net income came in at $192.0 million or $1.99 a share, beating analyst expectations by $0.43 a share. These results, reflecting the impact of a distribution agreement with DreamWorks Studios effective on October 1, 2004, tower over the same period last year, in which DreamWorks Animation posted a net loss of $36.6 million.

In the fourth quarter 2004, revenue totaled $495.7 million and costs of revenue were $171.7 million. For the year ended December 31, 2004, revenue totaled $1.078 billion, costs of revenue were $566.2 million, and net income was $333.0 million or $4.05 per diluted share. These results incorporate the impact of the distribution agreement effective on October 1, 2004.

DreamWorks CEO Jeffrey Katzenberg credited much of the fourth quarter strength to the success of the Shark Tale theatrical release and the Shrek 2 home video release, and promised to continue the studio’s strategy of two animated films per year.

The company’s next film, Madagascar, will be released on May 27, 2005.

[Source: PR Newswire]

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