Tue, Feb. 24, 8:39 PM
- On its Q4 earnings call, DreamWorks Animation (NASDAQ:DWA) filled in some details on a tough quarter -- one which saw them lose almost a quarter of a million dollars, pre-announce a heavy writedown on The Penguins of Madagascar and two unreleased projects, prepare layoffs of 500 workers, and cut its film production schedule to two films a year instead of three.
- Shares were down 8.7% in late trading.
- Though the plans are to make two movies a year, the studio has just one slated for the "transitional year" of 2015: alien-relocation comedy Home, and it comes out March 27. It's budgeted in the $135M range, while the studio is generally aiming for $120M budgets.
- CEO Jeffrey Katzenberg reshuffled execs, tapping veteran producers Bonnie Arnold and Mireille Soria to lead feature animation, and will take the opportunity to get personally re-engaged with the creative side of the company: "Returning to a much much more active participating role ... has been the silver lining for me" after "without a question, the hardest, most difficult, most painful eight weeks in our 20-year history."
- Saying it's better to get liquidity when you don't need it, the company increased its revolving credit facility to $450M from $400M and extended its term to February 2020.
- The studio also is selling its Glendale headquarters and will enter into a leaseback arrangement for $185M.
- Previously: DreamWorks still lower in wake of heavy layoffs (Jan. 28 2015)
- Previously: DreamWorks Animation confirms layoffs (Jan. 23 2015)
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
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Oct. 29, 2013, 5:45 PM
- Dreamworks Animation (DWA) shares spike 8.7% AH after the company's Q3 results came in higher than expectations.
- Net income plunged to $10M in Q3 from $24.4M in Q3 2012 due to the tepid premiere of Turbo ($6.4M). Last year's Madagascar 3 summer release generated $47.1M. The weakness was largely offset by the successful worldwide TV debut of Rise of the Guardians, which contributed $42.4M.
- Management expects Q4 results to be driven primarily by its feature film segment and distribution of holiday-themed content.
Oct. 29, 2013, 4:22 PM| Comment!
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