Tue, Feb. 24, 5:39 PM
Tue, Feb. 24, 4:23 PM
- DreamWorks Animation SKG (NASDAQ:DWA) missed on Q4 revenues and earnings expectations, even with advance writedowns on films The Penguins of Madagascar and Mr. Peabody and Sherman.
- The results also featured the impact of its plans for heavy layoffs; DWA took a $210.1M pre-tax charge associated with restructuring.
- Revenue breakdown: Feature film segment, $131.3M (How to Train Your Dragon 2 contributes $66M; Turbo, $5.8M; The Croods, $6.5M; library titles, $46.1M; The Penguins of Madagascar and Mr. Peabody and Sherman did not contribute as they hadn't recouped marketing/distribution costs).
- Television Series and Specials revenue: $50.7M, up 7.7%. Consumer Products, $22.1M, up 77.5%. New Media Segment, $24.9M.
- Conference call at 4:30 p.m ET.
- Shares -0.6% after hours.
- Press release
Tue, Feb. 24, 4:10 PM
Mon, Feb. 23, 5:35 PM
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Wed, Jan. 28, 3:39 PM
- DreamWorks Animation (NASDAQ:DWA) is off 6% -- trading lower for the second day in a row, and down 15.6% since its announcement of layoffs and a smaller film slate.
- The studio said it would lay off 18% of its workforce and concentrate on just two films a year instead of three (only one film, Home, is set for 2015).
- In the wake of some box-office disappointments, CEO Jeffrey Katzenberg says it's time for him to focus more on the studio's core filmmaking business.
- Not all outlooks are grim; along with Piper Jaffray's upgrade, B. Riley has upgraded the stock to Buy, and The Hollywood Reporter notes the studio can draw $250M in credit if needed, along with selling unencumbered assets like its Glendale, Calif., campus for hundreds of millions more.
- Shares are off 44% in the past year.
Fri, Jan. 23, 9:11 AM
Fri, Jan. 23, 7:26 AM
- Cowen Research downgrades DreamWorks Animation (NASDAQ:DWA) to an Underperform rating after revisiting its thesis following the company's downsizing announcement.
- Upside potential is limited, reasons Cowen.
- Piper Jaffray takes the other of the trade, upgrading the studio stock to Overweight and assigning a $26 price target.
- The take from Piper is that future writedowns are unlikely with DreamWorks already throwing in the kitchen sink.
- Previously: Management shake-up at DreamWorks Animation (Jan. 05 2015)
- Previously: DreamWorks Animation confirms layoffs (Jan. 23 2015)
- DWA -1.45% premarket.
Fri, Jan. 23, 2:15 AM
- Confirming earlier reports, DreamWorks Animation (NASDAQ:DWA) announces it will cut 500 jobs, about one-fifth of the work force, as part of a plan to restructure its core feature animation business.
- DWA also says it will lighten its management structure, firing three top executives, and will produce only two feature films a year, instead of three, starting in 2016.
- The studio expects to incur a pre-tax charge of about $290M in connection with the restructuring.
- DWA +1% AH
- Previously: Report: Layoffs on the way at DreamWorks Animation (Jan. 19 2015)
Thu, Jan. 22, 5:36 PM
Mon, Jan. 19, 7:40 PM| Comment!
Mon, Jan. 5, 2:29 AM
- DreamWorks Animation (NASDAQ:DWA) is shaking up its creative ranks after a series of disappointments at the box office.
- The company’s chief creative officer, Bill Damaschke, is stepping down, while lead producers Bonnie Arnold and Mireille Soria will take over as co-presidents of feature animation.
- The two have produced a total of eight films at DreamWorks that have grossed more than $3.5B.
Dec. 31, 2014, 8:42 AM
- Streaming: Sony (NYSE:SNE), HBO (NYSE:TWX), CBS (NYSE:CBS), and Dish Networks (NASDAQ:DISH) are set to unveil streaming products in 2015. The theory of the companies that the skinny bundles will draw in more cord-cutters and cord-nevers than they will cannibalize current pay-TV subscribers will be put to the test. The rush of streaming options could help or hurt Netflix (NASDAQ:NFLX) depending upon which analysis an investor leans on.
- Theater traffic rebound: Exhibitors (CNK, RGC, AMC, CKEC, IMAX) and movie studios (LGF, VIA, VIAB, DIS, FOXA, CMCSA, TWX) maintain that the decline in theater attendance in 2014 (-6%) was due to a slate of films light on blockbusters. A bounce is forecast for 2015 with high-profile films such as Avengers: The Age of Ultron, The Hunger Games: Mockingjay Part 2, Fifty Shades of Grey, Jurassic World, Spectre (James Bond), and Mission Impossible 5 all set to premiere - along with the reboot of the Star Wars franchise in December. Capex spending on theater upgrades could also help boost in-theater spending and average ticket price for exhibitors.
- Mergers: If regulators allow the Comcast-Time Warner Cable (NYSE:TWC) and AT&T-DirecTV (NASDAQ:DTV) mergers to sail through it could clear a path for other media combinations, note analysts. Potential buyers include Alibaba (NYSE:BABA), Wanda Group, Softbank (OTCPK:SFTBY), and a TWX-rebuffed 21st Century Fox (NASDAQ:FOXA). Content producers which could be targets include Starz (NASDAQ:STRZA), Lions Gate (NYSE:LGF), DreamWorks Animation (NASDAQ:DWA), AMC Networks (NASDAQ:AMCX), and Scripps Networks (NYSE:SNI). A split-up Madison Square Garden (NASDAQ:MSG) could also be enticing.
Dec. 11, 2014, 6:07 PM
- DreamWorks Animation (NASDAQ:DWA) announces it sold a 25% stake in AwesomenessTV to Hearst Corporation for $81.25M.
- The two companies plan to partner together on growing the YouTube property aimed at teenagers.
Dec. 10, 2014, 2:06 AM
- DreamWorks Animation (NASDAQ:DWA) plans to launch its own television channel in 19 Asian countries during the second half of 2015 as part of a diversification strategy to find much-needed revenue outside of movie theaters.
- Television shows produced by the studio already air in Europe, Latin America and on Netflix.
- DreamWorks Animation expects to make the channel available through pay television packages or by selling it directly to consumers as an Internet-delivered option.
Dec. 1, 2014, 9:13 AM
Dec. 1, 2014, 9:11 AM
- The Hunger Games: Mockingjay Part 1 took in $56.9M in the U.S. over the Thanksgiving weekend to easily top new competitors.
- The Lions Gate (NYSE:LGF) film is now over $123M globally.
- Penguins of Madagascar debuted in the U.S. with $25.8M for producer DreamWorks Animation (NASDAQ:DWA) and distributor Fox. The disappointing response has hit shares of DWA in early trading.
- DWA -7.1% premarket.
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