Movies

DreamWorks Animation reports net loss of $36.4 mn for the fiscal

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MUMBAI: DreamWorks Animation has reported total revenue of $749.8 million and a net loss of $36.4 million for the fiscal ended 31 December 2012.

For the fourth quarter of the fiscal, the company reported total revenue of $264.7 million and a net loss of $82.7 million.

Impacting DreamWorks Animation‘s fourth quarter and full-year 2012 results is a charge of approximately $165 million, which includes a write-down of film costs for ‘Rise of the Guardians‘ in the amount of $87 million, charges totaling $54 million related to the company‘s decision to return ‘Me And My Shadow‘ back to development, a write-off of a number of other development projects in the amount of $20 million and a charge of $4.6 million related to restructuring activities.

DreamWorks Animation CEO Jeffrey Katzenberg said, "While ‘Rise of the Guardians‘ did not achieve the level of box office success that we have come to expect from a DreamWorks Animation film, we have made several changes to our future slate that we believe will position us well for the next two years. We are now looking ahead to our next release – and our first under our new distribution agreement with Twentieth Century Fox – ‘The Croods‘ on March 22, 2013."

‘Rise of the Guardians‘, which has grossed $302.3 million at the worldwide box office, contributed revenue of $6.1 million to the quarter.‘

‘Madagascar 3: Europe‘s Most Wanted‘, which has grossed $746.6 million at the worldwide box office, contributed revenue of $95.2 million to the quarter, primarily from home entertainment and international box office. The film reached an estimated six million net home entertainment units sold worldwide through the end of the fourth quarter, net of actual and estimated future returns.

‘Puss In Boots‘ contributed $10.5 million of revenue to the quarter, primarily from pay television and home entertainment. The film reached an estimated 6.2 million home entertainment units sold worldwide through the end of the fourth quarter, net of actual and estimated future returns.

‘Kung Fu Panda 2‘ contributed $4.8 million of revenue to the quarter, primarily from home entertainment. The film reached an estimated 6.5 million home entertainment units sold worldwide through the end of the fourth quarter, net of actual and estimated future returns.

Library, which now includes ‘Megamind‘, contributed approximately $63.4 million of revenue to the quarter. Other items, including holiday television specials and live theatrical properties, contributed approximately $53.1 million of revenue to the quarter. Classic Media contributed approximately $31.6 million of revenue to the quarter.

Costs of revenue for the quarter equaled $354 million. Selling, general and administrative expenses totaled $36.5 million, including approximately $3.1 million of stock-based compensation expense.

The company‘s income tax benefit for the fourth quarter was $42.4 million. The company‘s combined effective tax rate – the actual tax rate coupled with the effect of the Company‘s tax sharing agreement with a former stockholder – was approximately 34.3 per cent for the fourth quarter.

The company‘s full year 2013 results are expected to be driven primarily by the performance of ‘The Croods‘, which is scheduled to be released on 22 March and ‘Turbo‘, which is scheduled to be released on 19 July.

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