updated 3/17/2005 6:32:56 PM ET 2005-03-17T23:32:56

Helped by home video revenue from “Shrek 2,” DreamWorks Animation SKG Inc. easily exceeded analyst expectations for earnings in the fourth quarter — its first full quarter as a public company.

The company said Thursday its net income for the quarter ended Dec. 31 was $192 million, or $1.99 per share, compared to a loss of $36.6 million, or 48 cents per share in the same period last year.

The company also reported net income as if taxes had been due for the entire year and as if its distribution agreement with sister company DreamWorks SKG had been in effect for the entire year. Under that agreement, DreamWorks Animation pays an 8 percent fee to DreamWorks to distribute its films to theaters.

On that basis, net income was $168 million, or $1.61 per share.

Analysts surveyed by Thomson First Call had expected earnings of $1.56 per share.

Revenue for the quarter was $495.7 million, compared to revenue of $134.6 million in the same period last year.

The company said “Shrek 2” generated more than $360 million in home video revenue in the fourth quarter, while the film “Shark Tale,” released on Oct. 1, generated $62 million of fourth quarter revenue.

DreamWorks Animation Chief Executive Jeffrey Katzenberg said audience previews for the company’s next film, “Madagascar,” are running ahead of reactions to the company’s first release, “Shrek.” Katzenberg said executives would be screening “Shrek 3” internally later this week.

For the full year, DreamWorks Animation reported net income of $333 million, or $4.05 for the same period last year.

On a pro forma basis, reported as if the distribution fee were in effect for the entire year, the company reported net income of $298.7 million, or $3.64 per share, compared to a loss of $187.1 million, or $2.44 per share in 2003.

Revenue for the full year was $1.078 billion, compared to $301 million in 2003.

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