DreamWorks 1Q results far surpass estimates

DreamWorks posts 1st-quarter net income results far ahead of Wall Street's expectations

Associated Press

GLENDALE, Calif. (AP) -- Animation studio DreamWorks Animation SKG Inc. said Tuesday that its first-quarter net income fell 39 percent, but its results far surpassed Wall Street's expectations thanks to the success of "The Croods" and home videos of "Rise of the Guardians" and "Madagascar 3: Europe's Most Wanted."

The company earned $5.6 million, or 7 cents per share, in the first three months of the year. That's down from $9.1 million, or 11 cents per share, in the same period a year earlier.

Revenue slid 1 percent to $134.6 million from $136.1 million.

Analysts, on average, were expecting a loss of 3 cents per share on revenue of $99.3 million, according to a poll by FactSet.

"Madagascar 3" contributed $22.8 million of revenue to the quarter, mainly from home entertainment, the company said. The "Rise of the Guardians contributed $9.6 million of revenue and "The Croods" contributed $4 million.

"The Croods" is a 3-D comedy from 20th Century Fox and DreamWorks Animation made over $43.6 million in its first weekend in theaters last month, according to final studio figures Monday. It follows a prehistoric family that runs into adventures when it's forced to find a new cave.

"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," said CEO Jeffrey Katzenberg in a statement.

Shares of DreamWorks rose $1.22, or 5.55 percent, to $20.35 in extended trading after the results came out. The stock had closed up 2 cents at $19.28.

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