November 6-2015
Q3-2015: Dreamworks Animation reports 43.3 percent YoY revenue growth

BENGALURU: DreamWorks Animation SKG Inc., (DWA) reported 43.3 percent YoY revenue growth in the quarter ended September 30, 2015 (Q3-2015, current quarter) at $ 259.22 million as compared to the $180.86 million. The company says that growth was driven by performance across all operating segments.

For Q3-2015, DWA posted adjusted operating income of $26.8 million. The increase in revenues and segment gross profit was partially offset by an increase in adjusted general and administrative expenses says DWA.

“DreamWorks Animation delivered solid third quarter results, highlighted by strong top-line growth and meaningful segment gross profit across all of our businesses,” said DreamWorks Animation Chief Executive Officer Jeffrey Katzenberg. “While we still have considerable work ahead of us, I am proud of the team’s collective efforts and remain confident that we are well positioned to meet or even exceed our stated goals for the year while continuing to drive long term value for our stakeholders.”

Segment Revenue

Feature Film segment

Revenues for Q3-2015 from the Feature Film segment increased to $157.9 million, up from $142.4 million in the prior-year period. Segment gross profit decreased to $54.3 million compared to $64.3 million in the same period of last year, primarily due to   contributions earned in the prior-year period in the worldwide theatrical market from How to Train Your Dragon 2, which was a higher margin title.

Home contributed feature film segment revenue of $49.7 million in Q3-2015. Home was released in the digital market on June 26, 2015 and into the physical domestic home entertainment market on July 28, 2015. The film reached an estimated 4.7 million home entertainment units through the end of the third quarter, net of actual and estimated future returns claims DWA.

The Penguins of Madagascar contributed feature film segment revenue of $39.8 million in the current quarter, primarily from domestic and international pay television. Through the end of the third quarter, the film reached an estimated 3.6 million home entertainment units sold worldwide, net of actual and estimated future returns.

How to Train Your Dragon 2 contributed feature film segment revenue of $7.4 million in the quarter, primarily from international pay television and home entertainment. The film reached an estimated 8.9 million home entertainment units sold worldwide through the end of the third quarter, net of actual and estimated future returns.

Mr. Peabody and Sherman contributed feature film segment revenue of $2.6 million in the quarter, primarily from home entertainment. The film reached an estimated 4.2 million home entertainment units sold worldwide through the end of Q3-2015, net of actual and estimated future returns.

Television Series and Specials segment

Revenues for the quarter ended September 30, 2015 from the Television Series and Specials segment increased to $50.7 million in Q3-2015, compared to $14.3 million during the prior-year period. The increase in revenues was attributable to a significantly higher number of episodes delivered under DWA’s episodic content licensing arrangements. Segment gross profit increased to $15.3 million in the current quarter, from $2.3 million in Q3-2014year. The increase was primarily driven by higher revenues along with favourable amortization rates associated with our episodic series, partially offset by up-front marketing costs associated with the release of DWA’s new television series.

Consumer Products segment

Revenues from the Consumer Products segment increased to $27.0 million in Q3-2015, compared to $12.1 million in the same period last year. The increase was primarily due to revenues earned from new and extended location based entertainment license arrangements in the quarter, as well as merchandise licensing agreements related to intellectual property rights associated with characters from DWA’s feature films and episodic television series. Revenues also included contributions from merchandising and other licensing activities. Segment gross profit increased to $15.8 million in Q3-2015 from $4.2 million in Q3-2014, as revenues earned from location based entertainment license arrangements have lower associated costs.

New Media Segment

Revenues for Q3-2015 from the Company’s New Media segment were $20.7 million compared to $8.5 million during Q3- 2014. This increase was primarily attributable to revenue generated from licensing and distribution of content and brand sponsorship arrangements. In Q3-2014, DWA reported certain advertising and talent management revenues in this segment on a ‘gross’  basis rather than on a ‘net’ basis. For comparative purposes, if the New Media segment’s revenues had been reported on a ‘net’ basis during Q3-2014, revenues for Q3- 2015 would reflect an increase

of 226 percent compared with the prior-year period. Segment gross profit, which is not affected by this item, increased to $10.9 million from $2.3 million in the prior-year period, primarily due to higher revenue contributions from licensed content and reduced amortization of intangible assets.

All other segments

Revenues from All Other segments for Q3-2015 were $2.9 million compared to $3.6 million

in the prior-year period and gross profit was $2.4 million compared to a loss of $1.1million in Q3-2014,

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