NEW YORK (

TheStreet

) --

DreamWorks

(DWA)

said its fourth-quarter earnings nearly doubled from last year, thanks in part to a one-time tax benefit.

Shares of the Glendale, Calif.-based film production company dipped in extended trades, last quoted at $27.89, off 21 cents, on volume of a little less than 70,000, according to

Nasdaq.com

.

For the three months ended Dec. 31, Dreamworks reported a profit of $85.2 million, or 99 cents per share, up from $43.6 million, or 50 cents per share, in the same period a year ago. The latest results included a gain of $45 million, or 52 cents a share, from the release of the company's valuation allowance for its deferred tax assets.

Revenue rose 42% to $275.7 million for the latest quarter from $194.2 million last year.

The average estimate of analysts polled by

Thomson Reuters

was for a profit of 73 cents a share in the December period on revenue of $294.3 million.

"In 2010, DreamWorks Animation became the first studio to release three feature length CG animated films in a single year," CEO Jeffrey Katzenberg said. "

How to Train Your Dragon

,

Shrek Forever After

and

Megamind

together grossed approximately $1.6 billion worldwide -- the company's biggest year ever at the box office."

Vote for Your Favorite 2010 Box-Office Winner

Megamind

, which was released in November, 2010, was a disappointment for the company, however. It generated $26.6 million in revenue during the fourth quarter, primarily from the sale of consumer products.

Shrek Forever After

grossed over $750 million in worldwide box office and raked in $72.2 million in revenue for the quarter.

How to Train Your Dragon

grossed nearly $500 million in worldwide box office sales and contributed $80.3 million of revenue in the fourth-quarter on an estimated 7.5 million home entertainment units sold worldwide through the end of the quarter.

For the full 2010 fiscal year, earnings rise 13% to $170.6 million, or $1.96 a share, from $151 million, or $1.73 a share, in the same period a year ago. Revenue rose 8% to $784.8 million from $725.2 million in the same period in 2009.

The company didn't provide a specific financial guidance for its fiscal first quarter in its press release but did say it doesn't expect to see "any meaningful contribution" to its results from the home entertainment release of

Megamind

, which is slated for tomorrow.

--Written by Theresa McCabe in Boston.

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