DreamWorks Animation Q2 Revenue, Profit Up31 Jul, 2013 By: Chris Tribbey
DreamWorks Animation rode the theatrical success of The Croods to better-than-expected second quarter results (ended June 30), reporting a profit of $22.2 million on revenue of $213.4 million.
That compares to a profit of $12.8 million on revenue of $162.8 million during the same quarter in 2012.
“DreamWorks Animation significantly outperformed in the second quarter, thanks primarily to The Croods’ incredibly successful box office run, where it has amassed $584 million worldwide to become the fifth highest grossing movie of the year,” said DreamWorks Animation CEO Jeffrey Katzenberg. “We also have a great deal of momentum within our television, consumer products and location-based entertainment businesses today, as DreamWorks Animation continues to diversify and evolve into a branded family entertainment company.”
Rise of the Guardians contributed $16.7 million in revenue for the quarter, mostly thanks to home entertainment, with an estimated 4.1 million units sold by the end of the quarter. Ann Daly, chief operating officer for the studio, said during a July 31 conference call with investors that the March 12, pre-Easter release date and the fact the title “had good word of mouth” helped the studio move the number of home video units that it did.
Guardians disappointed at the box office after its November 2012 release, pulling in just over $300 million worldwide, and resulting in an $87 million write-down for the studio during the first quarter of 2013.
The July 17 theatrical release of Turbo hasn’t performed as strongly as the studio would have liked thus far ($100 million-plus worldwide to date), Katzenberg said, but with “very little competing” during the fourth-quarter home entertainment release date DreamWorks Animation has targeted for the film, “Turbo will be profitable for us.”
Daly added that The Croods, released in theaters in late March, would also be released on home video in the fourth quarter. She noted that the studio is expecting higher-than-usual disc production costs, with such a heavy slate of summer tentpole titles to compete with.
Madagascar 3: Europe's Most Wanted contributed $48.9 million of revenue for the quarter, mostly from pay-TV, with 7.7 million home entertainment units sold through the end of the quarter. Puss in Boots contributed $1.4 million of revenue, with an estimated 7.2 million home entertainment units sold through the end of the quarter.
Library titles chipped in $41.3 million of revenue.