DREAMWORKS - DREAMWORKS ANIMATION HAS A DREAM QUARTER

DREAMWORKS ANIMATION HAS A DREAM QUARTER

"We had our strongest first quarter ever," DreamWorks Animation founder and CEO Jeffrey Katzenberg said Tuesday as the Glendale, CA-based studio reported net income of $62.3 million, up from $26.1 million during the same quarter a year ago. The results far exceeded analysts' expectations and sent shares in the company soaring in early trading today (Wednesday). After closing at $19.07 before the release of quarterly results on Tuesday, DWA stock was trading at $23.64 at noon today, up 24 percent. The company attributed the strong performance to solid ticket and DVD sales of Madagascar Escape 2 Africa . However, Katzenberg said that the company's current movie, Monsters vs Aliens, is underperforming in key markets overseas, where, he said, "it hasn't delivered the level of performance that we've come to expect from our films. ... We're genuinely surprised."

29/04/2009