DreamWorks Animation today (July 31, 2007) posted a sharply higher second-quarter profit, propelled by SHREK THE THIRD, which has reached global box office grosses of $720 million since mid-May.
The Glendale, California-based studio reported total revenue was $222.5 million and net income was $61.8 million, or 60 cents per share, compared with $74.9 million and net $13.7 million, or 13 cents per share, for the same period in 2006.
SHREK THE THIRD was the largest driver for the quarter, contributing approximately $109.1 million in revenue primarily from its domestic box-office receipts in the period. Achieving the most successful domestic opening for an animated film of all-time, the film has gone on to reach approximately $320 million at the domestic box-office to date. Internationally, the film had similar success by breaking box-office records for an animated opening in several key territories, including the U.K., France and Mexico. The film has reached $400 million in international box-office.
OVER THE HEDGE contributed approximately $26.9 million of revenue, driven largely from its release in domestic pay television, as well as its performance in the home video market. Through the second quarter of 2007, an estimated 13.4 million OVER THE HEDGE units shipped, net of actual returns and estimated future returns. FLUSHED AWAY delivered $12.4 million in revenue. Approximately 5.1 million home video units of FLUSHED AWAY have been shipped, net of actual returns and estimated future returns, by the end of the second quarter.
DreamWork's 2005 releases, WALLACE AND GROMIT: CURSE OF THE WERE-RABBIT and MADAGASCAR, contributed second quarter revenue of $14.7 million and $12.7 million, respectively. Its 2004 fall release, Shark Tale, delivered approximately $10.7 million in revenue primarily from international television and catalog sales in home video. The remaining film library contributed $36.0 million in revenue for the quarter, which was driven mainly from the performance of both SHREK and SHREK 2.
DreamWork's predicts its third quarter results will be primarily driven by SHREK THE THIRD.