How’s this for luck? DreamWorks Animation just disclosed better-than-expected financial results for Q1 at a point when — with its $3.8 billion agreement to sell out to Comcast — the strong performance can’t really influence the stock price.
The studio reported a net profit of $13.8 million, up from a $54.8 million loss a year ago, on revenues of $190.4 million, up 14.4%. Analysts thought the sales number would be lower, at $182.6 million. Earnings at 16 cents a share were well above expectations for 1 cent.
The numbers “reflect continued execution on our strategy of transitioning DreamWorks Animation into a global family entertainment company,” CEO Jeffrey Katzenberg says. “I’m excited to be passing the baton to Comcast, as I know they will continue to build on the foundation we’ve established over the past 22 years.”
The company says that it benefited in Q1 from global pay TV sales for How To Train Your Dragon 2 and Mr. Peabody And Sherman.
DWA didn’t see any revenue from its January release, Kung Fu Panda 3, because Fox has not yet recouped its marketing and distribution costs. The film should begin to help DWA’s top line in the current quarter.
As a result, the Feature Film unit saw a 26.7% drop in revenues to $94.3 million. Library titles contributed $41.6 million while Home accounted for $18.3 million.
Television Series and Specials revenues soared 214.5% to nearly $57 million. DWA says it had “a significantly higher number of episodes delivered” under arrangements led by its deal with Netflix.
Consumer Products sales increased 49.1% to $21.4 million, with a big contribution from location-based entertainment initiatives.
And New Media, which includes DWA’s stake in AwesomenessTV, was up 232.3% ti $15.2 million.
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