The success of “The Croods” helped boost DreamWorks Animation’s second quarter,
DWA posted higher profits of $22.2 million, up from $12.8 million, from a rise in revenue of $213.4 million, up from $162.8 million, during the three-month period that wrapped June 30.
“DreamWorks Animation significantly outperformed in the second quarter, thanks primarily to ‘The Croods” incredibly successful box office run, where it has amassed $584 million worldwide to become the fifth highest grossing movie of the year,” said Jeffrey Katzenberg, CEO of DreamWorks Animation on Wednesday before a call with analysts. “We also have a great deal of momentum within our television, consumer products and location-based entertainment businesses today as DreamWorks Animation continues to diversify and evolve into a branded family entertainment company.”
“The Croods,” distributed by Twentieth Century Fox, has earned $583.9 million worldwide since March 22, and contributed $71.8 million of revenue to DreamWorks Animation’s second quarter. Film is the fifth highest-grossing title so far this year around the world and the best-performing pic for DWA since “Kung Fu Panda.” Film has earned nearly $70 million in China.
“It’s an outstanding start” for its new distribution deal with Fox, Katzenberg said.
Results come after the disappointing domestic performance of “Turbo” at the box office.
SEE ALSO: Jeffrey Katzenberg on What Went Wrong With ‘Turbo’
For the rest of the studio’s film lineup:
■ “Rise of the Guardians” contributed $16.7 million of revenue during the quarter, primarily from home entertainment. Film has sold 4.1 million home entertainment units worldwide to date, helped in part by the Easter holiday.
■ “Madagascar 3: Europe’s Most Wanted” generated $48.9 million during the quarter, mostly from pay television. It’s sold 7.7 million units through home entertainment.
■ “Puss In Boots” earned $1.4 million during the quarter, also mostly from home entertainment, moving 7.2 million units overall.
DreamWorks Animation’s library earned the company $41.3 million in revenue during the period.
Combined, YouTube network AwesomenessTV and China-based Oriental DreamWorks contributed $24.3 million of revenue, while Classic Media earned another $9 million during the three-month period.
Going forward, DreamWorks Animation said most of its movies, with the exception of the “How To Train Your Dragon” sequel, will be produced for around $120 million, less than it has spent on pics in the past.
The expansion into TV, and location based entertainment deals with hotels, cruise lines and theme parks has enabled the company to “find pockets of high-margin businesses” that make it “less dependent on new (film) releases,” according to Lewis Coleman, president of DreamWorks Animation.
SEE ALSO: Nickelodeon Vet Marjorie Cohn to Run DreamWorks Animation Television
Shares of the toon studio were already up on Wednesday before the latest earnings results were released — up 1.9% or 47 cents trading at $24.76.