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American film studio DreamWorks Animation announced yesterday financial results for its first quarter ended March 31, 2010. In the quarter, the Company reported net income of $21.7 mln, a 65% drop compared to the same period last year.
Revenue fell from $263 mln in the first quarter of 2008 to $162.1 mln during the first three months of this year. The decline in sales can mainly be attributed to the lack of a major holiday release.
In a statement, DreamWorks Animation CEO Jeffrey Katzenberg said that “2010 is off to a strong start, thanks in large part to the performance of ‘How to Train Your Dragon’ “.
On the other hand, he pointed out that “3D continues to have a tremendous impact on the industry at large”.
Mr Katzenberg also announced that DreamWorks was developing an online virtual world, TV series and live arena show based on its movie “Dragon”, which reflects the company’s strategy of leveraging its characters across multiple platforms.
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