DWA Dreamworks Animation Skg, Inc. (MM)

DreamWorks Animation SKG Inc., the entertainment studio behind "Shrek" and "Kung Fu Panda," swung to a first-quarter profit, helped by a jump in revenue and a reduction in overhead costs.

It was the company's first financial update since Comcast Corp. reached a deal to buy DreamWorks for $3.8 billion. The Comcast merger, which faces regulatory review in the U.S. and abroad, is expected to close by year's end.

Shares, boosted by Comcast's $41-a-share cash bid, were flat after hours.

The studio, which has said it would only release two films a year as part of a restructuring push that was largely completed last year, is next slated to release in November "Trolls," based on Hasbro Inc.'s colorful-haired troll dolls.

Overall, DreamWorks Animation reported a profit of $13.8 million, or 16 cents a share, compared with a year-earlier loss of $54.8 million, or 64 cents a share.

Revenue rose 14% to $190.4 million.

Revenue fell from its feature film segment, which accounts for the bulk of its business but has struggled with creative shortcomings and top-heavy management, fell to $94.3 million, compared with $128.7 million a year earlier, when the studio saw a boost from the television distribution of "How to Train Your Dragon 2" and "Mr. Peabody and Sherman."

"Kung Fu Panda 3," which has made $514 million to date in the box office world wide, contributed $30.9 million this quarter, the company said.

Meanwhile, selling, general and administrative costs declined to $60.3 million, compared with $89.1 million in the year-earlier period.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

May 05, 2016 17:15 ET (21:15 GMT)

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