"The Croods" contributed more than one-third of the company's quarterly revenue
DreamWorks Animation reported a 73 percent increase in profits for the second fiscal quarter of 2013 thanks largely to the sucess of its latest movie, "The Croods."
That film, which opened in theaters March 22, has grossed $584 million at the global box office and contributed $71.8 million in revenue — more than a third of the company's quarterly total. The company reported revenue of $213.4 million and net income of $22.2 million, increases from $162.8 million and $12.8 million from the same quarter a year ago.
"DreamWorks Animation significantly outperformed in the second quarter, thanks primarily to 'The Croods' incredibly successful box office run," DreamWorks Animation CEO Jeffrey Katzenberg said in a statement.
Other prominent sources of revenue included worldwide pay television money from "Madagascar 3: Most Wanted" and home entertainment revenue from "Rise of the Guardians."
Revenue should fall in the next quarter as DreamWorks Animation will not release a movie. The company said it would depend on home entertainment and international pay TV to boost its bottom line.
The latest DreamWorks Animation film, "Turbo," has disappointed at the domestic box office since opening July 17. However, Katzenberg told analysts he believed the fillm would still turn a profit thanks to international customers and ancillary revenue streams.
DreamWorks Animation has been expanding into consumer products, theme parks and other divisions so that the company isn't as dependent on its movies for its financial results. Yet the financial benefits of those new initiative remain in the future.