'The Croods'

"The Croods" was a hit for DreamWorks Animation, but because it was released late in the first quarter it contributed only $4 million of revenue in the period. (DreamWorks Animation / April 30, 2013)

DreamWorks Animation posted a nearly 40% drop in profit in the first quarter while revenue remained virtually flat.

For the three months ended March 31, the Glendale studio posted net income of $5.6 million, or 7 cents a share, on revenue of $135 million. That compared with net income of $9.1 million, or 11 cents a share, and revenue of $136.1 million during the same period a year earlier, the company said in a statement.

Still, despite the decline in profits the company's results exceeded what industry analysts had projected. Analysts predicted DreamWorks Animation would post a profit of 3 cents a share.

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