PORT ST. LUCIE ? Digital Domain Media Group's third-quarter results showed about a 5 percent increase for revenues for the year's first nine months compared to a year ago.
Total revenues are $77.5 million for the first nine months this year compared to $73.5 million for the same time period a year ago.
The third-quarter results showed a substantial decrease, but in a conference call Tuesday, Digital Domain Chairman and Chief Executive Officer John Textor said the changes reflect the timing of when revenue gets counted as opposed to unexpected changes.
The company reported total revenues of $16.6 million for the three months ended Sept. 30 compared to $29.6 million for the same period of 2010, but the third quarter results from 2010 included significant revenues from Tron: Legacy.
"Our revenue results, through the first nine months and in the quarter, are consistent with what we have often described as a 'stair-stepping' pattern of growth," Textor said. "As we have focused on increasingly large-scale visual effects projects, we often have gaps of lower studio utilization between such projects as we reserve capacity for large, scheduled future projects. The third quarter represents an anticipated gap and we are comforted by our knowledge that we have an extremely high reported backlog of future revenue projects for 2012 and 2013."
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