DreamWorks Animation Reports Third Quarter 2014 Financial Results

 

DREAMWORKS ANIMATION SKG, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


























 Three Months Ended 


 Nine Months Ended 


 September 30, 


 September 30, 


2014


2013


2014


2013


 (in thousands, except per share amounts) 

Revenues

$ 180,861


$ 154,549


$ 450,379


$ 502,633









Operating expenses (income):








Costs of revenues

103,719


86,639


335,734


293,406

Selling and marketing

8,790


6,935


28,334


21,128

General and administrative

54,957


45,869


153,393


136,206

Product development

434


455


1,585


2,487

Change in fair value of contingent consideration

(4,955)


-


(9,675)


-

Other operating income

(2,673)


(3,333)


(6,662)


(6,192)

Operating income (loss)

20,589


17,984


(52,330)


55,598









Non-operating income (expense):








Interest (expense) income, net 

(2,840)


(769)


(7,097)


871

Other income, net 

298


2,847


3,369


4,889

(Increase) decrease in income tax benefit payable to former stockholder 

(2,384)


(283)


238


(1,352)

Income (loss) before loss from equity method investees and income taxes

15,663


19,779


(55,820)


60,006









Loss from equity method investees

1,212


2,781


7,939


4,110

Income (loss) before income taxes 

14,451


16,998


(63,759)


55,896

Provision (benefit) for income taxes 

2,587


6,919


(17,279)


17,455

Net income (loss)

11,864


10,079


(46,480)


38,441

Less: Net (loss) income attributable to non-controlling interests

(64)


15


(85)


547

Net income (loss) attributable to DreamWorks Animation SKG, Inc.

$   11,928


$   10,064


$ (46,395)


$   37,894









Net income (loss) per share of common stock attributable to DreamWorks Animation SKG, Inc.








Basic net income (loss) per share 

$       0.14


$       0.12


$     (0.55)


$       0.45

Diluted net income (loss) per share 

$       0.14


$       0.12


$     (0.55)


$       0.45

Shares used in computing net income (loss) per share








Basic 

84,646


83,631


84,562


83,939

Diluted 

85,845


85,353


84,562


85,041


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