DreamWorks Loses $57M due to 'Mr. Peabody and Sherman'
DreamWorks Animation would take a $57 million impairment charge against earnings due to the disappointing financial performance of their animated movie "Mr. Peabody & Sherman". The movie made $260.8 million worldwide after it was released in early March.
The company reported on Tuesday, April 29 that it lost $42.9 million, or 51 cents a share, in the first quarter on revenues of $147.2 million. In the same quarter last year, they made a profit of $5.6 million, or 7 cents a share, on revenues of $134.6 million.
"The box office shortfall of 'Mr. Peabody & Sherman' is evidence of the current challenges we face within our feature film segment, and restoring the strength in our core business is my No. 1 priority today," DreamWorks Animation CEO Jeffrey Katzenberg said in a statement.
This summer, DreamWorks will release "How to Train Your Dragon 2". With no Pixar movie arriving around the same time, the sequel to 2010's "How to Train Your Dragon" is expected to help the company gain box office success.
"I'm confident that its performance will put us back on-track to once again reach the levels of box office success that we've achieved historically," Katzenberg added. "How to Train Your Dragon 2" is scheduled to hit U.S. theaters on June 13.
- Two More Actors Join 'Spider-Man: Homecoming', New Set Photos Are Released
- 'Mr. Robot' Season 2 Gets Additional Episodes and an Aftershow
- Jamie Foxx Spotted Holding Hands With Mystery Woman. Cheating on Katie Holmes?
- Fifth Harmony Ladies Strip Down to Skimpy Bikinis in 'All in My Head' Video Ft. Fetty Wap
- 'Step Up' Series Coming to YouTube With Channing Tatum and Jenna Dewan Attached
- Harry Styles Signs Solo Deal With Columbia Records. Time to Say Goodbye to 1D?
- 'Big Brother 18': And the First Evicted Houseguest Is...
- Check Out Details of Taylor Swift and Tom Hiddleston's 'Intimate' Dinner in Nashville