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The Glendale, California-based company posted net income of $62.3 million or $0.71 per share for the first quarter, up from $26.1 million or $0.28 per share in the prior year quarter. On average, 18 analysts polled by Thomson Reuters expected the company to earn $0.45 per share for the first quarter. Analysts' estimate typically excludes special items.
Results for the quarter under review included a tax benefit of about $18.8 million related to the company's tax sharing agreement with a former stockholder, which resulted in a lower effective tax rate.
First quarter total revenue increased to $263.5 million from $157.2 million in the same quarter of last year. Fifteen analysts had a consensus revenue estimate of $211.51 million for the first quarter.
Jeffrey Katzenberg, CEO of DreamWorks Animation said, "This marks the Company's strongest first quarter ever, attributable primarily to the blockbuster performance of Madagascar: Escape 2 Africa, both at the international box office and in the domestic home video market."
Madagascar: Escape 2 Africa contributed $147.5 million of revenue for the quarter, mainly from international box office and its release into the domestic home entertainment market.
Kung Fu Panda, DreamWorks Animation's most successful original film ever, contributed around $34.1 million of revenue during the first quarter of 2009, mainly from international home entertainment.
The company's 2007 and 2006 fall releases, Bee Movie and Flushed Away, contributed $21.2 million and $12.2 million of revenue to the latest quarter, respectively.
DreamWorks Animation is heavily banking on a transition to an all 3-D film slate going forward. "Monsters Vs. Aliens," its first 3-D film, contributed $10.5 million of revenue during the first quarter of 2009, mainly from consumer products.
Over the Hedge and Shrek the Third, the company's 2006 and 2007 summer releases, delivered $8.8 million and $5.3 million of revenue to the quarter, respectively.
Library and other revenue contributed $23.9 million of revenue for the first quarter of 2009, including $9.8 million from Shrek The Musical.
Selling, general and administrative expenses for the quarter were $20.7 million, including about $5.9 million stock compensation expense, compared to $26.7 million, including approximately $9.7 million of stock compensation expense, for the comparable period of 2008.
Further, DreamWorks Animation said that its board has authorized future share repurchases of up to $150 million. Year to date, the company has purchased $46 million, or 2.3 million shares, at an average price of about $20.20.
DreamWorks Animation closed Tuesday's regular trading session at $19.07, up 16 cents on a volume of 1.41 million shares. In after-hours, the shares further gained $2.43 or 12.74%. The stock has been moving in a range of $17.32 - $32.73 for the past 52 weeks, with an average three-month volume of about 1.16 million shares.
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