DreamWorks Animation Reports Second Quarter 2008 Financial Results

                        ** FINANCIAL TABLES ATTACHED**



                         DREAMWORKS ANIMATION SKG, INC.
                          CONSOLIDATED BALANCE SHEETS

                                                       June 30,   December 31,
                                                         2008          2007
                                                       (unaudited)
                                                     (in thousands, except par
                                                      value and share amounts)
     Assets
     Cash and cash equivalents                          $401,617    $292,489
     Trade accounts receivable, net of allowance
      for doubtful accounts                               14,172       3,470
     Receivable from Paramount, net of reserve
      for returns and allowance for doubtful accounts     84,266     272,647
     Film costs, net                                     581,631     541,917
     Prepaid expenses and other assets                    33,049      47,609
     Property, plant, and equipment, net of accumulated
      depreciation and amortization                       96,070      86,772
     Deferred taxes, net                                  50,039      48,664
     Goodwill                                             34,216      34,216
     Total assets                                     $1,295,060  $1,327,784

     Liabilities and Stockholders' Equity
     Liabilities:
       Accounts payable                                   $8,959      $3,169
       Accrued liabilities                                87,315     108,457
       Payable to stockholder                             48,166      68,371
       Income taxes payable                               20,131      31,651
       Deferred revenue and other advances                52,391      24,561
       Borrowings and other debt                          70,059      70,059
     Total liabilities                                   287,021     306,268
     Commitments and contingencies
     Minority interest                                     2,941       2,941
     Stockholders' equity:
       Class A common stock, par value $.01 per share,
        350,000,000 shares authorized, 94,696,219 and
        93,547,321 shares issued, as of June 30, 2008
        and December 31, 2007, respectively                  947         935
       Class B common stock, par value $.01 per share,
        150,000,000 shares authorized, 11,884,461 and
        12,984,461 shares issued and outstanding, as of
        June 30, 2008 and December 31, 2007, respectively    119         130
       Additional paid-in capital                        852,707     831,115
       Retained earnings                                 556,355     502,763
       Less: Class A Treasury common stock, at cost,
        14,127,398 and 10,445,278 shares, as of
        June 30, 2008 and December 31, 2007,
        respectively                                    (405,030)   (316,368)
      Total  stockholders'  equity                                                1,005,098      1,018,575
          Total  liabilities  and  stockholders'  equity              $1,295,060    $1,327,784



                                                  DREAMWORKS  ANIMATION  SKG,  INC.
                                                CONSOLIDATED  STATEMENTS  OF  INCOME
                                                                      (Unaudited)

                                                                                Three  Months  Ended      Six  Months  Ended
                                                                                          June  30,                        June  30,
                                                                                    2008            2007            2008            2007
                                                                            (in  thousands,  except  per  share  amounts)
          Revenues                                                    $140,787    $222,471    $297,354    $316,199
          Costs  of  revenues                                      75,168      110,645      170,918      164,124
          Gross  profit                                                65,619      111,826      126,436      152,075
          Selling,  general  and
            administrative  expenses                        27,630        27,466        54,488        53,236
          Operating  income                                        37,989        84,360        71,948        98,839
          Interest  income,  net                                  2,474          6,382          5,457        12,653
          Other  income,  net                                        1,080          1,439          1,857          2,883
          Increase  in  income  tax  benefit
            payable  to  stockholder                          (8,010)    (23,909)    (17,440)    (29,726)
          Income  before  income  taxes                    33,533        68,272        61,822        84,649
          Provision  for  income  taxes                      6,040          6,494          8,230          7,471
          Net  income                                                  $27,493      $61,778      $53,592      $77,178
          Basic  net  income  per  share                      $0.30          $0.61          $0.59          $0.75
          Diluted  net  income  per  share                  $0.30          $0.60          $0.58          $0.75
          Shares  used  in  computing  net
            income  per  share
                      Basic                                                  90,370      102,052        91,366      102,716
                      Diluted                                              90,788      102,466        91,615      103,105



                                                DREAMWORKS  ANIMATION  SKG,  INC.
                                        CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS
                                                                  (Unaudited)

                                                                                                                      Six  Months  Ended
                                                                                                                                June  30,
                                                                                                                      2008                2007
                                                                                                                        (in  thousands)
          Operating  activities
          Net  income                                                                                    $53,592          $77,178
          Adjustments  to  reconcile  net  income  to  net  cash
            provided  by  operating  activities:

                  Amortization  and  write  off  of  film  costs                158,931          154,908
                  Stock  compensation  expense                                              18,277            19,150
                  Depreciation  and  amortization                                          4,971              4,691
                  Revenue  earned  against  deferred  revenue  and
                    other  advances                                                                  (42,084)        (47,690)
                  Deferred  taxes,  net                                                            (1,375)        (12,383)
                  Change  in  operating  assets  and  liabilities:
                        Trade  accounts  receivable                                        (10,702)          (2,061)
                        Receivable  from  Paramount                                        188,381          (25,390)
                        Film  costs                                                                    (196,643)      (208,330)
                        Prepaid  expenses  and  other  assets                          15,239          (39,352)
                        Accounts  payable  and  accrued  liabilities          (15,428)          33,077
                        Payable  to  stockholder                                              (20,205)            7,802
                        Income  taxes  payable,  net                                        (11,538)          18,872
                        Deferred  revenue  and  other  advances                      75,553            41,394
          Net  cash  provided  by  operating  activities                      216,969            21,866
          Investing  activities
          Purchases  of  property,  plant  and  equipment                    (18,765)          (1,370)
          Net  cash  used  in  investing  activities                              (18,765)          (1,370)
          Financing  Activities
          Purchase  of  treasury  stock                                                    (88,662)        (44,050)
          Other                                                                                                    (414)                830
          Net  cash  used  in  financing  activities                              (89,076)        (43,220)
          Increase  in  cash  and  cash  equivalents                              109,128          (22,724)
          Cash  and  cash  equivalents  at  beginning  of  period        292,489          506,304
          Cash  and  cash  equivalents  at  end  of  period                  $401,617        $483,580
          Supplemental  disclosure  of  cash  flow  information:
                  Cash  paid  during  the  period  for  income  taxes,
                    net                                                                                        $21,076                $724
                  Cash  paid  during  the  period  for  interest,
                    net  of  amounts  capitalized                                                $567                  $85
 

Web site: http://www.dreamworksanimation.com/



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