US: Kung Fu Panda drives Dreamworks

Film is now most successful non-sequel for the company, having grossed over $200m domestically.
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Dreamworks Animation has reported its results for the second quarter, with Kung Fu Panda proving to be the driving force.

Dreamworks reported total revenue of $140.8 million and net income of $27.5 million. However, this compares to revenue of $222.5 million and net income of $61.8 million for the same period in 2007.

To date, Kung Fu Panda has grossed approximately $210 million at the domestic box office, making it the fourth most successful film of the year. Internationally, it has set box office records for animated openings in several key territories including South Korea, Russia, Australia, Mexico and China, where it became the most successful animated film in that country's history.

In total, Kung Fu Panda has reached over $510 million in worldwide box office.

For the quarter, Kung Fu Panda contributed $46.4 million of revenue. In addition to consumer products and revenue from the company's distributor, revenues included a non-recurring benefit from the completion of a strategic relationship, which accounted for slightly less than half of the film's contribution in the period.

Shrek the Third, meanwhile, contributed $29.9 million of revenue in the quarter, while Bee Movie contributed $25.5 million.

Flushed Away, Over the Hedge and Wallace & Gromit: The Curse of the Wererabbit contributed $7.3 million, $5.4 million and $5.3 million of revenue to the quarter respectively.

Looking ahead to the third quarter, and Dreamworks' results are expected to be driven by Kung Fu Panda's continued box office performance. Indeed, the company believes that the film is on track to become its most successful original film of all time worldwide.

Dreamworks has also announced plans to spend $85 million over the next two years to expand and improve its animation studio in Glendale, California in order to accommodate general business growth, including 3D expansion.

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