DreamWorks Reports Q2
DreamWorks Animation SKG, Inc., announced financial results for its second quarter ended June 30, 2013. For the quarter, the company reported total revenue of $213.4 million, net income of $22.2 million, and earnings per share of $0.26 on a fully diluted basis. This compares to revenue of $162.8 million and net income of $12.8 million, or $0.15 per share on a fully diluted basis, for the same period in 2012.
The Croods, released theatrically on March 22, 2013, has reached $186.4 million at the domestic box office and $397.5 million at the international box office for a worldwide gross of $583.9 million to date. The Croods contributed $71.8 million of revenue to the quarter.
Rise of the Guardians contributed $16.7 million of revenue to the quarter, primarily from home entertainment. The film reached an estimated 4.1 million home entertainment units sold worldwide through the end of the second quarter, net of actual and estimated future returns.
Madagascar 3: Europe’s Most Wanted contributed $48.9 million of revenue to the quarter, primarily from worldwide pay television. The film reached an estimated 7.7 million home entertainment units sold worldwide through the end of the second quarter, net of actual and estimated future returns.
Puss in Boots contributed $1.4 million of revenue to the quarter, primarily from home entertainment. The film reached an estimated 7.2 million home entertainment units sold worldwide through the end of the second quarter, net of actual and estimated future returns.
DreamWorks’ Library contributed $41.3 million of revenue to the quarter. Other items, including results from AwesomenessTV and Oriental DreamWorks, contributed $24.3 million of revenue to the quarter. Classic Media contributed $9 million of revenue to the quarter.
Costs of revenue for the quarter equaled $133.3 million. Selling, general, and administrative expenses totaled $49.7 million, including $5.6 million of stock-based compensation expense.
The company’s income tax expense for the second quarter was $10.1 million. The company’s combined effective tax rate was approximately 32 percent for the second quarter. The company currently expects that its full-year 2013 combined effective tax rate will be approximately 30 percent. Year to date, the company has repurchased 1.3 million shares for $25 million. The company has $100 million remaining under its current authorization.
The company’s third quarter results are expected to be driven by worldwide pay television revenue for Rise of the Guardians and international free television for Kung Fu Panda 2.
Hasbro Repurchases Stock
Hasbro, Inc., announced that its board of directors has authorized the company to repurchase an additional $500 million of its common stock. As of Wednesday, July 31, 2013, $71.8 million remained available in the company’s prior share repurchase authorization.
Additionally, the company’s board of directors has declared a quarterly cash dividend of $0.40 per common share. The dividend will be payable on November 15, 2013, to shareholders of record at the close of business on November 1, 2013.
Since re-starting its buyback program in June 2005, Hasbro has repurchased 91.4 million shares at a total cost of $2.8 billion and an average price of $30.30 per share.