DWA revenue nearly triples in third quarter
DreamWorks Animation’s revenue nearly tripled in the fiscal third quarter ended Sept. 30, to $160 million, about $92 million of which derived from “Shrek the Third.”Net income in the period hit $47 million, up from $10.5 million a year earlier. Results came after the close of trading Tuesday, with shares up a bit more than 1% in light trading, to $32.53 Company also announced it has slated what it calls a “superhero sendup” called “Master Mind” for release in fall 2010. The film tells the story of a supervillain who, after accidentally killing his archrival in the film’s opening sequence, has to find a way to reclaim what made his life meaningful. Pic is from Red Hour Films, Ben Stiller’s production company. Lara Breay and Denise Nolan Cascino are producing, and Cameron Hood and Kyle Jefferson are set to direct. The earnings release came at a propitious time for DreamWorks. Not only is the company coming off of a “Shrek” summer, but it is about to release the DVD version and on Friday rolls out Jerry Seinfeld’s “Bee Movie.” Chief exec Jeffrey Katzenberg took care to note how many blockbusters were headed to retail shelves during the all-important holiday DVD season. “We expect a very strong market,” he said, noting the record summer B.O. tally. “That said … we remain especially cautious this holiday due to the competition among new releases.” The conservative outlook stemmed from issues with overly optimistic sales projections for “Shrek 2” discs in 2004.