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DreamWorks Animation Reports Fourth Quarter And Year-End 2014 Financial Results

Posted By : Mukesh Dube    At 25-02-2015 21:31:33

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Tags : DreamWorks Animation     The Penguins of Madagascar    Mr. Peabody    Sherman    

DreamWorks Animation SKG, Inc. has reported revenues for the quarter ended December 31, 2014 of $234.2 million, representing an increase of 14.7% from the same period in 2013. In addition, DWA reported an adjusted(1) operating loss of $(37.6) million and adjusted(1) net loss attributable to DWA of ($64.1) million or an adjusted(1) loss of ($0.75) per share. Adjusted financial results exclude a $210.1 million pre-tax charge associated with Company's restructuring plan announced on January 22, 2015. The Company's results for the quarter ended December 31, 2014 include impairment charges of $57.1 million, or a loss of approximately $(0.63) per share, primarily related to the performance of The Penguins of Madagascar and Mr. Peabody and Sherman, as well as certain other titles and investments.

Including the impact of the restructuring plan, DWA reported an operating loss of ($247.7) million and reported net loss attributable to DWA of ($263.2) million, or ($3.08) per share for the quarter ended December 31, 2014. Of the restructuring-related charges totaling $210.1 million or a loss of ($2.33) per share, $54.6 million was related to employee termination costs and other contractual obligations and $155.5 million was primarily related to write-offs of capitalized production costs of unreleased projects, including B.O.O. and Monkeys of Mumbai, as well as other charges associated with changes in the film slate.

"Although 2014 was a challenging year for our Company, I am confident that our recent announcement to restructure our feature film business will enable us to deliver great films and better box office results,  while improving the overall financial performance of our business," said Jeffrey Katzenberg, Chief Executive Officer of DreamWorks Animation. "And while 2015 will be a transitional year for us, I couldn't be more confident for the future. We have a set of strategic imperatives in place designed to ensure sustainable and profitable growth over the long term."

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