February 24, 2009 / 9:47 PM / 9 years ago

UPDATE 1-DreamWorks Animation miss estimates

* DreamWorks reports Q4 EPS of 58 cents

* Shares drop in after-hours trade

LOS ANGELES, Feb 24 (Reuters) - DreamWorks Animation SKG DWA.N posted lower profit for the fourth quarter, which fell short of expectations, as the company faced a tough comparison to the year-ago quarter which was bolstered by its “Shrek the Third” DVD release.

DreamWorks Animation posted fourth-quarter net income of $51.6 million, or 58 cents per share, compared with $94.1 million or 98 cents per share, in the year-earlier period. Revenue fell to $199.8 million from $290.2 million.

Shares of DreamWorks fell 0.8 percent in after-hours trade to $19.61 a share from a close of $19.76 a share.

During the quarter, DreamWorks released the film, “Madagascar: Escape 2 Africa,” to theaters in November and the DVD release of “Kung Fu Panda.”

Through the end of 2008, it said “Kung Fu Panda” sold about 11.2 million DVD units on a worldwide basis.

Analysts had looked for revenue of about $232.01 million, according to Reuters Estimates.

DreamWorks plans to release his studio’s first 3-D film, “Monsters vs. Aliens,” in March 2009 and CEO Jeffrey Katzenberg has pledged to make all future films in 3-D, at an incremental cost of $15 million per film. (Reporting by Sue Zeidler, editing by Leslie Gevirtz)

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