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Shrek Forever After Lifts DreamWorks Profits
The big green guy is still making big green for DreamWorks Animation.
Buoyed by the success of Shrek Forever After, now the company’s highest-grossing international release, the company’s third-quarter results showed an increase of nearly 40 percent over the same quarter last year, rising from 135.4 million to 188.9 million. Net income more than doubled, from 19.6 million to 39.8 million.
“2010 has already been a historic year for the company and we are still looking forward to the theatrical release of Megamind on Nov. 5 as well as home entertainment results from both How to Train Your Dragon and Shrek Forever After yet to come this year,” said Jeffrey Katzenberg, CEO of DreamWorks Animation.
Shrek Forever After contributed $120.4 million of revenue in the quarter, driven by its strong performance at the worldwide box office. The film has earned $238 million in domestic box office and $497 million in international box office for a worldwide total of $735 million.
The company’s spring release, How to Train Your Dragon, contributed $0.8 million of revenue to the quarter. The film’s home video results will be reflected next quarter as it was released on DVD and Blu-ray on Oct. 15.
The 2009 release Monsters vs. Aliens contributed $11.0 million of revenue to the quarter, driven by international pay television and home entertainment, while Madagascar: Escape 2 Africa and Kung Fu Panda, contributed $2.6 million and $9.8 million of revenue to the quarter, respectively.
Library and other items contributed approximately $44.3 million of revenue to the quarter.
Costs of revenue for the quarter equaled $107.7 million. Selling, general and administrative expenses totaled $26.5 million, including about $6.4 million of stock compensation expense. Additionally, DreamWorks recorded an expense of about $18.0 million related to its tax sharing agreement with a former stockholder.