As March release "Monsters vs Aliens" proves a solid peformer, but nowhere near as big as last year's "Kung Fu Panda," DreamWorks Animation revenue fell 7% in the second quarter to $132 million, while its net income stayed flat at $25.6 million.
The company got a $24 million benefit in the quarter from a change in its video game licensing deal with Activision that provided extra payments for games based on several previous films, including "Monsters vs Aliens." Without that amended deal, DreamWorks' revenue would have been $108 million, down 24%, and net income would have fallen by a third to about $17.1 million.
"Monsters vs Aliens" has sold $198 million worth of tickets in the U.S. and Canada and $179 million overseas, making it the first DreamWorks Animation picture to earn less internationally than domestically. The film's $377 million worldwide gross isn't enough for DreamWorks to recognize any revenue from distributor Paramount, which gets to keep an 8% distribution fee and recoup all of its spending on marketing.
DreamWorks' second quarter revenue instead came almost entirely from older films. Last summer's "Kung Fu Panda" brought in $32.7 million, primarily from domestic pay television; last November's "Madagascar: Escape 2 Africa" contributed $26.1 million, most of it through international DVD sales. "Shrek: the Musical," the company's first Broadway show, brought in $10.1 million.
Due to a scheduling shake-up, DreamWorks Animation is releasing only one film this year, meaning most of its revenue for the rest of 2009 will come from the home video launch of "Monsters vs. Aliens" in September. Next year it will release three movies, starting a schedule of five every two years.
CEO Jeffrey Katzenberg and president Lew Coleman were scheduled to speak on a conference call with analysts shortly after earnings were released.
-- Ben Fritz
Photo: "Monsters vs. Aliens." Credit: DreamWorks Animation.
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