During Tuesday’s quarterly earnings conference call, DreamWorks Animation CEO Jeffrey Katzenberg announced that DreamWorks co-founder David Geffen has stepped down from the DreamWorks Animation board. Katzenberg referred to Geffen as ‘the guardian of DreamWorks Animation’ and noted that he will continue to serve as a trusted advisor to the company.
‘As one of DreamWorks’ original founders, David’s vision for, and commitment to, the company has been absolutely vital throughout its 14-year history,’ Katzenberg commented. ‘Without him, there would be no DreamWorks Animation. He leaves his post as a director with the entire company’s deepest gratitude. On a personal note, I’d like to thank David’always a mentor and my best friend’for his incredible wisdom, leadership and guidance.’
DreamWorks Animation’s earnings for the quarter endind Sept. 30 were down slightly from the same quarter last year. The company reported total revenue of $151.5 million and net income of $37.4 million, compared to revenue of $160.8 million and net income of $47 million for the same period in 2007. The animated hit Kung Fu Panda, which earned $415 million worldwide, was the biggest contributor to revenue, bringing in approximately $63.3 million, primarily from international box office receipts. The company’s 2007 summer blockbuster, Shrek the Third, contributed approximately $32.5 million, driven primarily by international pay television, and the fall 2007 release Bee Movie kicked in roughly $27.3 million, mostly from domestic pay television.
Looking forward, Katzenberg expressed excitement over the March 27, 2009 release of Monsters Vs. Aliens, which will be DreamWorks Animation’s first stereoscopic 3-D release. He remarked, ‘We remain confident that there will be an adequate number of 3-D capable screens in the marketplace for Monsters Vs. Aliens to serve as a valuable proof of concept for the industry as a whole.’
More immediately, DreamWorks Animation has last year’s holiday TV special, Shrek the Halls, coming to DVD on Nov. 4. The half-hour special will also repeat on ABC next month. The sequel Madagascar: Escape 2 Africa hits theaters on Nov. 7, and Kung Fu Panda arrives on DVD and Blu-ray along with the 22-minute companion movie Secrets of the Furious Five on Sunday, Nov. 9. Shrek the Musical will make its Broadway debut on Dec. 14.
