DreamWorks Animation (NYSE: DWA) reported Q1 earnings Tuesday after the market close, and I have a funny feeling that its shareholders were pretty pleased. Revenues were like a fairy tale (that's a Shrek reference), increasing 67% to $156.6 million. Earnings per share kicked it like a black-belt martial artist (that's a Kung Fu Panda reference), increasing 87% to 28 cents per share on a reported basis; on an adjusted basis, the growth was more like 73%.

Wow; talk about growth rates! Even on an adjusted basis, you've got to like the bottom-line appreciation. And it should be noted that DreamWorks beat the street by three pennies according to Briefing.com. Want more good news? Operational cash flow soared like a bee in flight (that's a Bee Movie reference), expanding 22% to $107.7 million.

The DreamWorks story is very much driven by the company's film slate, as opposed to conglomerate competitors such as Time Warner (NYSE: TWX), Disney (NYSE: DIS), and News Corp. (NYSE: NWS), which have a lot more in terms of moving parts. Shrek the Third, as well as library titles, helped drive the quarter. Coming up is Kung Fu Panda and a sequel to Madagascar. Those wishing to buy the stock ahead of the company's upcoming titles should look for pullbacks. I really like DreamWorks Animation's prospects, but it bothers me that I haven't heard too much buzz surrounding the Panda project. I'm sure it's coming, though, but I'm also sure that I would really love the stock a lot more if it were closer to the 52-week low. But don't get me wrong, I'm not a growling bear on the company. I think the Q1 earnings and cash flow performance are top notch. Tthe company is building out an enviable library of product, and I think traders and long-term investors alike will get something out of DreamWorks Animation's stock.

Disclosure: I own shares in Disney; positions can change at any time.