Dreamworks Drops 9% After Hours On Disappointing Q2 Results

Dreamworks Animation Skg Inc.

shares fell nearly 9 percent in the extended session after the company posted a wider-than-expected loss on revenue below analysts' consensus. The company offered no outlook but said third quarter results will be driven primarily by its feature films including How to Train Your Dragon 2. Chief Executive Jeffrey Katzenberg said Dragon 2 will be "highly profitable" and is the ninth highest-grossing film of the year so far. Dreamworks swung to a second-quarter net loss of $15.4 million, or $0.18 cents a share, from year-earlier earnings of $22.3 million or $0.26 cents a share. Revenue fell to $122.3 million from $213.4 million a year earlier. Analysts expected a loss of $0.02 cents a share, on revenue of $137.9 million. Dragon, released June 13, contributed revenue of $2.6 million to the $69.7 million of feature film revenue in the second quarter. Television revenue of $20 million in the second quarter came through Netflix, Classic Media content and Cartoon Network. Consumer products produced $18.5 million in revenue. In extended trading, Dreamworks changed hands recently at $20.66, down 8.81 percent.