Also on the subject of animation, DreamWorks Animation (SKG’s IPO company) told Wall Street analysts today it won’t see significant earnings in the first half of 2006. That’s because its newly crowned Oscar-winner Wallace & Gromit: The Curse of the Were-Rabbit under-performed. You see, DreamWorks can’t score any revenue from the film until its distribution costs are paid. As usual, those feeble-minded financial analysts state the obvious: “the films they make cost too much relative to what they generate at the box office.” Nor does DreamWorks expect any Oscar bump.

More bad news: the next release, Over the Hedge, due in theaters on May 19, has to earn at least $310 million worldwide to provide a profit, according to the analysts. Good luck with that, Jeffrey! (But I do have a pet theory: animated films that star furry animals do more boffo biz than unfurry animated films.)

Katzenberg told Reuters that the company views as “neutral” the impending wedded bliss of Pixar by Disney. (Prepare to laugh loudly when you read this next bit.) “We don’t actually directly compete. We never release films on the same date and in the next couple of years it doesn’t seem like that will be the case. There really is no change in the marketplace.” This summer, Hedge has a 3-week headstart on Cars.

Oh yeah: that SEC inquiry continues.