DreamWorks Animation SKG Inc fka DWA

[Hostile Takeover]

More S&P:

The company had approximately $113 million of cash as of June 30, 2011 (with zero debt). As one proxy for its liquidity management, DWA generally aims to hold sufficient cash at any given time to produce two films. The company recently completed the renovation of its animation studio in Glendale,CA, to accommodate business growth (including 3D expansion), at an estimated cost of about $85
million. In July 2010, the company announced a new $150 million share buyback program -- of which about$125 million recently remained. In 2011, we expect the combined effective tax rate -- including payments to a former stockholder -- to be in the low to mid-30% range.