Earnings Roundup: DreamWorks profits soar
The animated sequel “Shrek The Third” helped DreamWorks Animation SKG Inc. quadruple its third-quarter profit, as the film neared $800 million in worldwide revenue, the company said Tuesday.
The company reported net income of $47 million, or 47 cents per share, for the quarter ended Sept. 30, compared with $10.5 million, or 10 cents per share, for the same period last year.
Revenue nearly tripled to $160.8 million, compared with $55.6 million in the year-ago period.
Other revenue came from the home video release of “Over the Hedge” and “Flushed Away.”
The Glendale, Calif.-based company said its fourth-quarter earnings would rely on the home video release of “Shrek the Third.” The title hits stores next month. The next animated film from the company is “Bee Movie,” written by comedian Jerry Seinfeld, which opens in theaters Friday.
Key Tronic Corp. posted revenues of $44.6 million on Tuesday for the first quarter of fiscal year 2008, a decrease of $10.9 million from the same period last year.
The Spokane Valley-based electronic manufacturing services company saw slower demand from established customers and an increased portion of revenue coming from new programs, President and CEO Jack Oehlke said in a news release. It had net income of 2 cents per share, compared to 14 cents per share for the same time last year.
“By the end of the fiscal year, we expect to have over 10 new customer programs generating significant revenue streams,” Oehlke said in a prepared statement. “We anticipate having a more diversified customer portfolio and a less concentrated revenue base, spanning a wider range of industries.”
Key Tronic expects revenue of about $45 million to $48 million next quarter, with earnings of about 3 cents to 6 cents per share.
Community Health Systems Inc.‘s profit rose 27 percent in the third quarter, boosted by its acquisition of Triad Hospitals Inc. and higher patient admissions.
The Franklin, Tenn.-based company has agreed to buy Spokane nonprofit hospital operator Empire Health Services.
Community Health earned $10.5 million, or 11 cents per share, compared with $8.2 million, or 9 cents per share, in the year-ago period.
Income from continuing operations for the third quarter was reduced by an after-tax charge of $17.5 million, or 18 cents per share, from the early extinguishment of debt related to the Triad acquisition.
The company recorded an after-tax loss for discontinued operations of about $5.8 million, or 6 cents per share, related to three hospitals being held for sale and the sale of a hospital partnership interest.
Adjusted earnings before interest, taxes, depreciation and amortization was $303.6 million.
Revenue more than doubled to $2.35 billion from $1.12 billion, as newly acquired hospitals generated higher admissions numbers.
Analysts polled by Thomson Financial, on average, expected profit of 39 cents per share, on revenue of $2.43 billion.
If measured before the purchase of Triad, called a same-location basis, admissions at Community Health hospitals decreased 3 percent.
Same-location sales is a key indicator of performance since it measures growth at existing locations rather than newly opened ones.
Qwest Communications International Inc. on Tuesday reported a jump in third-quarter net income, although revenue dipped as consumers continued to move away from traditional telephone lines.
Chief Executive Officer Edward Mueller, who was appointed in August, added to uncertainty among analysts and investors by declining to provide details about his plans for the telecommunications company until he completes a strategic review, expected by year end.
“I think a complete holistic plan from a new CEO is the right thing to do,” he told analysts during a conference call.
Shares of Denver-based Qwest fell almost 14 percent Tuesday, hitting a 52-week low of $6.94.
For the quarter ended Sept. 30, Qwest reported net income of $2.07 billion, or $1.08 per share, compared with $194 million, or 9 cents per share, in the third quarter of 2006.