DreamWorks Animation Posts Loss29 Apr, 2014 By: Chris Tribbey
DreamWorks Animation reported a first-quarter loss of $42.9 million, due to a $57 million write-down on Mr. Peabody & Sherman, following an underwhelming performance in the worldwide theatrical market.
During the same quarter in 2013, the studio had posted a profit of $5.6 million.
Revenue for the quarter was $147.2 million, up from $134.6 million the previous year. Operating income was a loss of $62 million, compared with a profit of $5.4 million during the same quarter in 2013.
"The box office shortfall of Mr. Peabody & Sherman is evidence of the current challenges we face within our feature film segment, and restoring the strength in our core business is my number one priority today," said Jeffrey Katzenberg, CEO of DreamWorks Animation. "Our next film is How to Train Your Dragon 2 on June 13, and I am confident that its performance will put us back on-track to once again reach the levels of box office success that we've achieved historically.”
The feature film segment contributed revenue of $110.1 million but a loss of $25.4 million for the first quarter. Mr. Peabody & Sherman has grossed $261 million at the worldwide box office to date.
Turbo contributed revenue of $22.3 million for the first quarter, and had reached an estimated 4.8 million home entertainment units sold worldwide. The Croods contributed feature film revenue of $41.7 million, primarily from domestic pay-TV and home entertainment, with an estimated 7.1 million home entertainment units sold worldwide.
Rise of the Guardians and Madagascar 3: Europe's Most Wanted contributed feature film revenue of $3.4 million and $1.8 million, respectively, primarily from home entertainment. Rise of the Guardians reached an estimated 5.5 million and Madagascar 3: Europe's Most Wanted reached an estimated 9.1 million home entertainment units. Library titles chipped in $37.9 million in revenue for the first quarter.
The TV segment contributed revenue of $17.9 million and a profit of $5.8 million to the first quarter, primarily from Classic Media content and DreamWorks' "Dragons: Riders of Berk” on Cartoon Network.
AwesomenessTV contributed revenue of $4.1 million and a loss of $80,000 for the quarter.