DreamWorks Animation Is A Nightmare
Fri, Jan. 15, 4:49 PM
- Edward Aleman is resigning his post as chief accounting officer at DreamWorks Animation (DWA -2.3%), for personal health reasons.
- In an 8-K, the company says it expects he'll leave the company no later than Feb. 29. CFO Fazal Merchant will take over as interim chief accounting officer, while the company begins a search for a permanent replacement.
Thu, Jan. 14, 12:10 PM
- After bumping its rating on DreamWorks Animation (DWA +1.1%) on Tuesday, FBR, and analyst Barton Crockett, figure that estimates for film margins for 2016 may be a bit low -- 15%, vs. the 32-36% the segment delivered in the first three quarters of 2015.
- A mostly bare film slate is giving way to Kung Fu Panda 3, set for a Jan. 29 release, prompting a bump in expected gross margin for 2016 to 29%, and EPS to $0.78 from $0.33.
- The first Kung Fu Panda grossed $631.7M worldwide, while a 2011 sequel drew $665.7M.
- A delay in Croods 2 to Dec. 22, 2017, means most of its impact will be in 2018, prompting Crockett to drop 2017 EPS estimates to $1.23 from $1.98, and bump 2018's to $2.27 from $1.85.
- Previously: DreamWorks Animation +4% as FBR upgrades, raises target (Jan. 12 2016)
- Previously: DreamWorks +2.7% as it extends, expands deal with Netflix (Jan. 05 2016)
Tue, Jan. 12, 10:27 AM
- With a deal expansion in the can with streaming partner Netflix -- which is newly expanding around the world -- DreamWorks Animation (NASDAQ:DWA) is up 4% on an upgrade from FBR & Co.
- Analyst Barton Crockett bumped the company to Outperform, from Market Perform, and raised FBR's price target for DWA to $29, from $22. Shares closed yesterday at $24.43 and are trading at $25.40, implying 14% upside in the price target from here.
- Crockett bumped his EPS estimate for Q4 to $1.04. "We assume that Netflix pays a license fee in the high tens of millions of dollars, with high contribution margins since film production costs are already amortized, driving total film library revenues to near $100 million in the fourth quarter of 2015."
Tue, Jan. 5, 10:15 AM
- DreamWorks Animation (NASDAQ:DWA) is up 2.8% as Netflix (NFLX -2.7%) announces the two have expanded their multi-year deal to include a number of new original family series as well as on-demand rights to the DreamWorks Animation film library.
- The two companies are extending an existing relationship (on which DWA may be more than a little dependent). Rights for original series currently on the service are being extended throughout Netflix's operating markets and will expand to second-window rights for all markets outside of China.
- New series will include a "reimagining" of Voltron,, and a new series from director Guillermo del Toro called Trollhunters.
Mon, Jan. 4, 10:44 AM
- DreamWorks Animation (NASDAQ:DWA) is off 7.4% and hitting its lowest point since mid-November following a downgrade to Neutral by B. Riley.
- The firm is maintaining its $27 price target -- which was about 4.8% upside from last Thursday's closing of $25.77.
- Early last month, Riley had cut estimates for fiscal 2015 DWA earnings to -$0.22, from a previous -$0.17 -- that vs. a consensus expectation for EPS of -$0.32.
- DreamWorks Animation is expected to release earnings for Q4 on Feb. 22 after the close.
Dec. 8, 2015, 1:58 PM
- Dreamworks Animation (DWA +1.3%) and Canada's DHX Media have struck a five-year deal to make animated children's content.
- The two have agreed to co-produce 130 episodes of original animation at DHX Studios, to air on DHX's suite of channels (including Family Channel, Family Jr., Family CHRGD and Télémagino). While DHX will distribute in Canada, DWA will distribute in the rest of the world.
- DHX has also licensed more than 1,000 half-hours of TV from DreamWorks Animation, making it the exclusive partner for DWA content in Canada, along with a deal with DWA's AwesomenessTV for 300 half-hours of teen content.
- Also today, DWA named Katie O'Connell Marsh its head of global live-action television, marshaling the company's expansion into that area from its animation foothold.
Nov. 5, 2015, 4:14 PM
- DreamWorks Animation (NASDAQ:DWA) has leapt 14.8% after a Q3 report where it posted a profit after excluding restructuring costs.
- Net income was $1.4M after adjusting for $3.6M in pretax charges connected to the company's January restructuring plan.
- Revenue by segment: Feature films, $157.9M (up 10.9%); Television Series and Specials, $50.7M (up 255%); Consumer products, $27M (up 123%); New Media, $20.7M (up 144%); other, $2.9M.
- The company notes that Home (its only slated theatrical film this year) has hit $386M in worldwide box office, and contributed $49.7M to the feature film segment this quarter.
- Conference call to come at 4:30 p.m. ET.
Nov. 5, 2015, 4:05 PM
- Dreamworks Animation (NASDAQ:DWA): Q3 EPS of $0.02 beats by $0.07.
- Revenue of $259.22M (+43.3% Y/Y) beats by $53.24M.
- Shares +0.15%.
Nov. 4, 2015, 5:35 PM
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Oct. 30, 2015, 3:35 PM
- DreamWorks Animation (NASDAQ:DWA) is among today's top losers in media, down 8.7% as Bank of America/Merrill Lynch downgraded the stock to Underperform, from Neutral.
- The analysts have a $16 price target. Shares closed yesterday at $21.94, and are down to $20.04 today.
- After a bit of a rebound from a rough 2014, DreamWorks shares have fallen anew in the past three months, down 18%.
- Overall, analyst consensus is for a Hold rating with a $21 target.
- Previously: DreamWorks Animation -5.1% as net loss widens on restructuring cost (Aug. 04 2015)
- Previously: DreamWorks his 15-month high on bullish Stifel note (Jun. 05 2015)
Oct. 27, 2015, 4:37 PM
- DreamWorks Animation (DWA -2.9%) has added Maggie Wilderotter to its board of directors.
- Wilderotter is executive chairman of Frontier Communications and was its CEO from 2006 until relinquishing that title earlier this year.
- Wilderotter has been hitting the boards since leaving Frontier's CEO post. In addition to serving at Frontier, she has seats at Juno Therapeutics, Xerox, and (as of earlier this month) Costco.
Oct. 5, 2015, 6:30 PM
- Dreamworks Animation (DWA +1%) unit AwesomenessTV has entered into an international partnership with Endemol Shine Group unit Endemol Beyond to spread AwesomenessTV content worldwide.
- The deal will result in launches of local-language, owned and operated channels in markets that include the UK, France, Germany, Spain and Brazil.
- New content will include long-form series and formats for digital video and linear TV.
- Endemol Shine -- half owned by Twenty-First Century Fox (FOX +1.4%, FOXA +1.1%) -- brings global expertise to the table, with creative operations in 30 different markets.
Sep. 28, 2015, 6:28 PM
- DreamWorks Animation (NASDAQ:DWA) finished up against a sharply lower market, +0.4%, after Piper Jaffray reiterated its Overweight rating.
- The analysts are still bullish on the studio despite a share price pullback that's seen the stock fall 38% in three months.
- Piper has a quite bullish price target on the shares of $31; from today's close of $17.21, it implies over 80% upside.
- The price is just rebounding from a 52-week low of $17.02 hit last Thursday. Overall, the consensus rating on DWA is Hold, with a price target of $21.69.
Aug. 26, 2015, 4:48 PM
- Michael Francis, chief global brand officer at DreamWorks Animation (NASDAQ:DWA), will leave his post in December.
- He'll continue working with the studio as an external consultant, and will serve as a board member for AwesomenessTV. Jim Fielding, head of global consumer products, will take over the licensing and franchise management businesses.
- Francis -- formerly global chief marketing officer for Target -- had overseen branding, licensing, consumer products and franchise management since 2013.
Aug. 24, 2015, 10:24 AM
- DreamWorks Animation (NASDAQ:DWA) is bucking a panic-selling market -- actually trading in positive ground briefly before slipping to -0.7% -- following an upgrade by B. Riley, to Buy.
- It's a notch move from the firm's Neutral rating. Riley holds a price target of $26; shares had closed Friday at $19.08.
- Eric Wold noted that the studio's shares have continued to slide this summer despite positive catalysts that "have helped, in our opinion, to boost the studio’s profitability outlook heading into 2016."
- Despite its much-needed hit in Home, the studio has a "much to prove with the revamped slate focus and reduced overhead structure. Nevertheless, we view the pullback in the shares as an attractive entry point for investors with a longer-term focus as the turnaround year progresses further."
- Previously: DreamWorks up 8% as moviegoers bring 'Home' the bacon (Mar. 30 2015)
- Previously: DreamWorks to sell campus HQ to SunTrust unit (Feb. 26 2015)
- Previously: DreamWorks pummeled after brutal quarter; rough year ahead (Feb. 24 2015)
Aug. 4, 2015, 5:41 PM
- 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."
DreamWorks Animation SKG, Inc. engages in the business of development, production and exploitation of animated films and their associated characters in the worldwide theatrical, home entertainment, television, merchandising and licensing and other markets. It operates through two segments: Film... More
Industry: Movie Production, Theaters
Country: United States
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