DreamWorks Animation profits soar on ‘Shrek the Third’

By Xinhua

Los Angeles : DreamWorks Animation has said the company's net income more than quadrupled in the second quarter of this year, thanks to the box office success of "Shrek the Third".

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The company reported $61.8 million of net income for the three months ending June 30, compared to $13.7 million in the same period last year, while revenue soared to $222.5 million, compared to $74.9 million a year ago.

"Shrek the Third", which was first released in May in North America and then rolled out worldwide in the following months, contributed much to the increased revenues in the period, said the studio, based in Glendale, California.

The computer-generated film achieved the biggest domestic opening ever for an animated film when it was released and has so far raked in more than $400 million worldwide, with $320 million in North America alone.

The film brought in over $100 million in revenue during the second quarter, which came from the box office and the sale of Shrek-related merchandise, according to the company.

Jeffrey Katzenberg, chief executive of DreamWorks Animation, told a conference call Tuesday that the latest Shrek film has more than held its own despite fierce competition in theatres this summer from other blockbusters such as "Spider-Man 3", "Pirates of the Caribbean: At World's End" and "Transformers".

He said the studio plans to make two more Shrek films.