DreamWorks Financials Up18 Mar, 2005 By: Jessica Wolf
DreamWorks Animation, after launching a successful IPO in October of 2004, announced net income of $192 million for the fourth quarter of last year and $333 million for the year, compared to a net loss on both fronts in 2003 ($36.6 million in the fourth quarter and $187.2 million for the year).
Company officials attribute the success to last year's releases of Shrek 2 and Shark Tale in theaters and on home video.
DreamWorks expects worldwide combined video sales of Shrek 2 to hit 55 million units by the end of the first quarter of 2005, making it the third highest-selling video release of all time, behind The Lion King and Titanic, according to the company.
Shrek 2 sold through 37 million units in the U.S. in the fourth quarter of last year alone, DreamWorks announced. DreamWorks is projecting net VHS and DVD shipments of its other 2004 release Shark Tale to hit 12 million units in the U.S. by the end of the first quarter and is on track to sell more than 20 million units on a worldwide basis.
“The home video market is a key value driver for DreamWorks Animation and for the CG-animated market in general,” said company CFO Kristina Leslie. “We are confident that this will be a strong value driver for some time.”