DreamWorks Animation Reports Second Quarter 2009 Financial Results

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Dowa Mining Co	LSE:DWA	London	Ordinary Share	JP3638600001	Y50

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GLENDALE, Calif., July 28 /PRNewswire-FirstCall/ -- DreamWorks Animation SKG, Inc. (NASDAQ:DWA) today announced financial results for its second quarter ended June 30, 2009. In the quarter, the Company reported total revenue of $132.0 million and net income of $25.6 million, or $0.30 per share on a fully diluted basis. This compares to revenue of $141.5 million and net income of $27.5 million, or $0.30 per share on a fully diluted basis, for the same period in 2008. "Our solid second quarter results were driven primarily by the continued performance of our 2008 films, Kung Fu Panda and Madagascar: Escape 2 Africa," said Jeffrey Katzenberg, CEO of DreamWorks Animation. "Our third consecutive hit, Monsters vs. Aliens, has also reached blockbuster status in the U.S. at nearly $200 million. Additionally, we continue to make great progress on a number of our growth initiatives at DreamWorks Animation." Kung Fu Panda, the Company's 2008 summer release, contributed approximately $32.7 million of revenue to the quarter, primarily driven by domestic pay television. Through the end of the second quarter, it reached an estimated 15.2 million home entertainment units sold worldwide, net of actual and estimated future returns. The Company's fall 2008 release, Madagascar: Escape 2 Africa, contributed $26.1 million of revenue to the quarter, primarily driven by international home entertainment. Through the end of the second quarter, it reached an estimated 10.2 million home entertainment units sold worldwide, net of actual and estimated future returns. During the second quarter the Company amended its video game agreement with Activision, which resulted in a financial impact to the quarter of $24.0 million of revenue and approximately $0.10 of net income per share on a fully diluted basis. Among other things, the amendment led to the recognition of certain guaranteed payments for several of the Company's previously released video game titles, including Monsters vs. Aliens. Monsters vs. Aliens, which was released on March 27, 2009, contributed $10.3 million of revenue to the quarter, primarily as a result of the aforementioned amendment to the Company's video game agreement. Monsters vs. Aliens has grossed approximately $198 million at the domestic box office, bringing its worldwide box office total to over $377 million to date. The Company's 2007 releases, Bee Movie and Shrek the Third, delivered $9.7 million and $2.4 million of revenue to the quarter, respectively, primarily from consumer products and home entertainment. Through the end of the second quarter, the titles reached an estimated 9.5 and 22.4 million home entertainment units sold worldwide, respectively, net of actual and estimated future returns. Library and other titles contributed $50.8 million of revenue to the quarter, including $10.1 million of revenue from Shrek The Musical as well as continued catalogue home entertainment performance and international free television for feature films. Costs of revenue for the quarter equaled $74.0 million. Selling, general and administrative expenses totaled $24.8 million (including approximately $8.4 million of stock compensation expense) as compared to $27.0 million (including approximately $8.3 million of stock compensation expense) for the comparable period of 2008. Looking ahead, the Company's third quarter results are expected to be driven primarily by the home entertainment performance of Monsters vs. Aliens, which will be released on DVD and Blu-ray domestically on September 29, 2009, as well as Madagascar: Escape 2 Africa's domestic pay television. The Company also provided an update to its share repurchase program. Year to date, the Company has purchased approximately $46.0 million, or 2.3 million shares, at an average per-share price of approximately $20.15. The Company has $150.0 million remaining under its current program. Items related to the earnings press release for the second quarter of 2009 will be discussed in more detail on the Company's second quarter 2009 earnings conference call later today. Conference Call Information DreamWorks Animation will host a conference call and webcast to discuss the results on Tuesday, July 28, 2009, at 4:30 p.m. (ET). Investors can access the call by dialing (800) 230-1059 in the U.S. and (612) 234-9959 internationally and identifying "DreamWorks Animation Earnings" to the operator. The call will also be available via live webcast at http://www.dreamworksanimation.com/. A replay of the conference call will be available shortly after the call ends on Tuesday, July 28, 2009. To access the replay, dial (800) 475-6701 in the U.S. and (320) 365-3844 internationally and enter 105561 as the conference ID number. Both the earnings release and archived webcast will be available on the Company's website at http://www.dreamworksanimation.com/. About DreamWorks Animation SKG DreamWorks Animation is principally devoted to developing and producing computer generated, or CG, animated feature films. With world-class creative talent, a strong and experienced management team and advanced CG filmmaking technology and techniques, DreamWorks Animation makes high quality CG animated films meant for a broad movie-going audience. The Company anticipates releasing its feature films into both conventional and IMAX theatres worldwide. The Company has theatrically released a total of eighteen animated feature films, including Shrek, Shrek 2, Shark Tale, Madagascar, Over the Hedge, Shrek the Third, Bee Movie, Kung Fu Panda, Madagascar: Escape 2 Africa and Monsters vs. Aliens. All of the Company's feature films are now being produced in stereoscopic 3D technology. Caution Concerning Forward-Looking Statements This document includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company's plans, prospects, strategies, proposals and our beliefs and expectations concerning performance of our current and future releases and anticipated talent, directors and storyline for our upcoming films and other projects, constitute forward-looking statements. These statements are based on current expectations, estimates, forecasts and projections about the industry in which we operate and management's beliefs and assumptions. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of DreamWorks Animation SKG, Inc. These risks and uncertainties include: audience acceptance of our films, our dependence on the success of a limited number of releases each year, the increasing cost of producing and marketing feature films, piracy of motion pictures, the effect of rapid technological change or alternative forms of entertainment and our need to protect our proprietary technology and enhance or develop new technology. In addition, due to the uncertainties and risks involved in the development and production of animated feature projects, the release dates for the projects described in this document may be delayed. For a further list and description of such risks and uncertainties, see the reports filed by us with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and our most recent quarterly reports on Form 10-Q. DreamWorks Animation is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise. ** FINANCIAL TABLES ATTACHED** UNAUDITED CONSOLIDATED BALANCE SHEETS June December 30, 31, 2009 2008 ---- ---- (in thousands, except par value and share amounts) Assets Cash and cash equivalents $348,796 $262,644 Trade accounts receivable, net of allowance for doubtful accounts 2,123 4,550 Income taxes receivable 14,469 6,468 Receivable from Paramount, net of reserve for returns and allowance for doubtful accounts 113,988 186,522 Film costs, net 640,752 638,243 Prepaid expenses and other assets 47,358 31,453 Property, plant and equipment, net of accumulated depreciation and amortization 132,917 114,913 Deferred taxes, net 14,719 27,049 Goodwill 34,216 34,216 ------ ------ Total assets $1,349,338 $1,306,058 ========== ========== Liabilities and Equity Liabilities: Accounts payable $2,249 $7,499 Accrued liabilities 92,244 115,158 Payable to former stockholder 52,726 54,192 Deferred revenue and other advances 56,942 38,857 Borrowings and other debt 70,059 70,059 ------ ------ Total liabilities 274,220 285,765 Commitments and contingencies Equity: Stockholders' equity: Class A common stock, par value $.01 per share, 350,000,000 shares authorized, 95,420,728 and 95,381,143 shares issued, as of June 30, 2009 and December 31, 2008, respectively 954 954 Class B common stock, par value $.01 per share, 150,000,000 shares authorized, 11,419,461 shares issued and outstanding, as of June 30, 2009 and December 31, 2008 114 114 Additional paid-in capital 895,735 876,651 Retained earnings 733,127 645,261 Less: Class A Treasury common stock, at cost, 20,127,485 and 17,432,728 shares, as of June 30, 2009 and December 31, 2008, respectively (557,753) (505,628) -------- -------- Total stockholders' equity 1,072,177 1,017,352 Minority interest 2,941 2,941 ----- ----- Total equity 1,075,118 1,020,293 --------- --------- Total liabilities and equity $1,349,338 $1,306,058 ========== ========== UNAUDITED CONSOLIDATED STATEMENTS OF INCOME Three Months Six Months Ended Ended June 30, June 30, -------- -------- 2009 2008 2009 2008 ---- ---- ---- ---- (in thousands, except per share amounts) Revenues $131,990 $141,530 $395,514 $298,702 Costs of revenues 74,022 76,092 230,428 172,583 ------ ------ ------- ------- Gross profit 57,968 65,438 165,086 126,119 Product development 93 437 2,461 437 Selling, general and administrative expenses 24,831 27,012 45,522 53,734 ------ ------ ------ ------ Operating income 33,044 37,989 117,103 71,948 Interest income, net 979 2,474 1,518 5,457 Other income, net 1,613 1,080 3,065 1,857 Increase in income tax benefit payable to former stockholder (11,020) (8,010) (27,030) (17,440) ------- ------ ------- ------- Income before income taxes 24,616 33,533 94,656 61,822 Provision (benefit) for income taxes (940) 6,040 6,790 8,230 ---- ----- ----- ----- Net income $25,556 $27,493 $87,866 $53,592 ======= ======= ======= ======= Basic net income per share $0.30 $0.30 $1.01 $0.59 ----- ----- ----- ----- Diluted net income per share $0.30 $0.30 $1.01 $0.58 ----- ----- ----- ----- Shares used in computing net income per share Basic 85,890 90,370 86,673 91,366 Diluted 86,382 90,788 87,390 91,615 UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, ---------- 2009 2008 ---- ---- (in thousands) Operating activities Net income $87,866 $53,592 Adjustments to reconcile net income to net cash provided by operating activities: Amortization and write off of film costs 192,183 158,931 Stock compensation expense 14,695 18,277 Depreciation and amortization 1,831 1,139 Revenue earned against deferred revenue and other advances (51,667) (42,084) Deferred taxes, net 12,330 (1,375) Change in operating assets and liabilities: Trade accounts receivable 2,427 (10,702) Receivable from Paramount 72,534 188,381 Film costs (183,574) (192,811) Prepaid expenses and other assets (16,242) 14,304 Accounts payable and accrued liabilities (27,749) (15,428) Payable to former stockholder (1,466) (20,205) Income taxes payable/receivable, net (8,001) (11,538) Deferred revenue and other advances 74,515 75,553 ------ ------ Net cash provided by operating activities 169,682 216,034 Investing activities Purchases of property, plant and equipment (31,495) (18,765) ------- ------- Net cash used in investing activities (31,495) (18,765) Financing Activities Purchase of treasury stock (52,125) (88,661) Receipts from exercise of stock options and excess tax benefits from employee equity awards 90 520 --- --- Net cash used in financing activities (52,035) (88,141) ------- ------- Increase in cash and cash equivalents 86,152 109,128 Cash and cash equivalents at beginning of period 262,644 292,489 ------- ------- Cash and cash equivalents at end of period $348,796 $401,617 ======== ======== Supplemental disclosure of cash flow information: Cash paid during the period for income taxes, net $2,373 $21,076 ====== ======= Cash paid during the period for interest, net of amounts capitalized $355 $567 ==== ==== DATASOURCE: DreamWorks Animation SKG, Inc. CONTACT: Investor Relations, +1-818-695-3900, , or Corporate Communications, +1-818-695-3658, , both of DreamWorks Animation SKG, Inc. Web Site: http://www.dreamworksanimation.com/

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