Following the flop of a high-profile feature film at the box office, DreamWorks Animation reported a quarterly loss of $263 million, more than had been expected, The New York Times reports.
Dragging down results was the weak reception for “The Penguins of Madagascar,” along with a restructuring that was announced earlier, the report notes.
“The troubled studio, which has faced liquidity concerns in recent weeks and last year had two failed merger attempts, also said it raised $185 million through a sale and lease-back of its Glendale, Calif., headquarters,” The Times adds.
The report notes that four of the studio’s last six feature films have required write-downs, with “The Penguins of Madagascar” joining a list that includes “Rise of the Guardians,” “Turbo” and “Mr. Peabody & Sherman.”
Studio CEO Jeffrey Katzenberg was upbeat, noting: “All in all, I think we’re making great strides.” Following the recent layoffs of about 500 people, or 18% of the studio’s work force, Katzenberg indicated the company has moved on, noting: “There is a great morale.”
The Times report adds: “For the quarter that ended Dec. 31, DreamWorks Animation reported a loss of $263.2 million, or $3.08 a share, compared with a profit of $17.2 million, or 20 cents a share, in the same period a year ago. Analysts had expected a per-share loss of $3.01.