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DreamWorks Animation -5.1% as net loss widens on restructuring cost

Aug. 04, 2015 5:41 PM ETDreamworks Animation SKG Inc (DWA) StockBy: Jason Aycock, SA News Editor
  • DreamWorks Animation (NASDAQ:DWA) has now slipped 5.1% after hours, after beating expectations on top and bottom lines even as net loss widened due to the company's ongoing restructuring, which has involved deep staff cuts and the sale of its headquarters this year.
  • Revenue grew almost 40% Y/Y as Home -- the studio's only theatrical release for the year -- contributed $23.9M in film revenue for Q2. The film hit physical DVD and Blu-ray before quarter's end, and overall it's earned $177M domestically and $209M internationally at the box office (total $386M worldwide).
  • Adjusted results exclude a $20.9M pretax charge (an effect of $0.25 share on earnings) associated with the restructuring plan. Some $2.4M was due to termination and employee-related costs, $10.9M on accelerated depreciation/amortization with the closure of Redwood City, and $7.6M related to excess staffing tied to the film slate.
  • In the company's earnings call, CEO Jeffrey Katzenberg said “While there is still much work to be done, I’m really proud of what our team has accomplished this quarter."
  • Press Release

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