DreamWorks Animation reported strong second-quarter results, riding on the success of its expanded release schedule.
The studio reported a 20 percent increase in revenues to $158 million from the same quarter last year. Net income was $24 million, down 6.2 percent.
‘Our strong second quarter was driven primarily by the blockbuster performances of Shrek Forever After and How to Train Your Dragon, two of the top 10 films of 2010 on both a domestic and a worldwide basis,’ said CEO Jeffrey Katzenberg in a statement. ‘We have once again surpassed $1 billion in worldwide box office and with Megamind still to be released on Nov. 5, 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.’
Breaking down the results, Shrek Forever After brought in $52 million for the quarter and How To Train Your Dragon contributed $33 million for the period. The studio also was still generating significant revenues from Monsters vs. Aliens, which generated $17 million and had sold about 7.7 million home entertainment units by the end of the quarter.
The results announcement was accompanied by news that DreamWorks’ board has approved a $150 million program for repurchasing shares. The company has so far repurchased about 3.1 million shares for $111 million in the first half of this year.