If there’s good news in the report, it isn’t apparent from the basic numbers. DreamWorks Animation reported net income in Q2 of $12.8M, -62.5% vs the period last year, on revenues of $162.8M, -25.4%. Analysts expected revenues closer to $186.2M. And earnings of 15 cents a share were way below forecasts for 25 cents. Madagascar 2: Europe’s Most Wanted, which was released on June 8, accounted for $54.8M of the revenue. Another $22.8M came from Puss In Boots, primarily home videos. Domestic pay TV sales drove the $46.4M contribution from Kung Fu Panda 2. The biggest contributor to revenues outside of feature films was the London run of Shrek The Musical, which was part of the $10M coming from other items. CEO Jeffrey Katzenberg offered little by way of explanation in the company’s earnings release but says that the latest Madagascar “has surpassed $500M at the worldwide box office to date, with a large number of key international territories yet to come.”

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