Dreamworks Shares Slide on Mixed 4Q

By FOXBusiness

DreamWorks Animation (NASDAQ:DWA) reported mixed fourth-quarter results, announcing earnings-per-share that missed the Street’s view but posting better-than-expected revenue for the quarter.

The animated film company reported a fourth-quarter profit of $24.3 million, or 29 cents a share, compared with year-ago earnings of $85.2 million, or $1.01 a share.

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Revenue fell to $219 million, down from $276 million in the fourth quarter of last year.

Analyst consensus was for 32 cents a share on revenue of $207.47 million, according to a Thomson Reuters poll.

The company touted the performance of its two feature films in 2011, boasting that Kung Fu Panda 2 and Puss in Boots brought in $1.2 billion at the box office, globally. Both films were nominated for an Academy Award for Best Animated Feature Film.

"After its initial weekend, Puss In Boots is off to an excellent start in its domestic home video release and we are now looking ahead to the next big event for the Company: the theatrical release of Madagascar 3 on June 8, 2012,” said Jeffrey Katzenberg, chief executive of DreamWorks Animation, in a statement.

The company went on to say that fiscal 2012 results will be mostly driven by the performance of Madagascar 3, while first-quarter results will be mostly dependant on the international box office performance of Puss in Boots and its home video release.

Shares of DreamWorks rose 2% in Tuesday’s session, finishing the day at $19.65 a share. The stock was off as much as 66 cents, or 3.4%, following the release of results. Year-to-date, shares of DreamWorks are up 18.5%.