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Closing at 7pm is published in the park literature, however, there's not always a night function booked on a given night. So, if the park attendance is high, they may simply not close the park for another 2 hours (the CM's were gonna work anyway, right?). This often isn't announced, the doors just simply stay open.
An alternative is letting resort guests, or AP holders in after hours. Sometimes special deals are cut with a company to hold a private night function for them after hours, but, because they have a low number of estimated show-ups, they are given a cut rate in return for letting a limited number of resort guests in at the same time. This isn't feasible when a big company (like IBM & Lotus, the other night), literally TAKES OVER the Studios with 12,000 people, with free food lined up all up and down the streets, special booths setup, and a customized "LOTUS" fireworks show.
UPDATE: anon 03 FEB 98