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DreamWorks posts 1Q loss on 'Peabody' write-off

Published on NewsOK Modified: April 29, 2014 at 4:59 pm •  Published: April 29, 2014

LOS ANGELES (AP) — DreamWorks Animation SKG Inc. posted a first-quarter loss Tuesday after booking a big charge on the box-office weakness of "Mr. Peabody & Sherman," a result that casts doubt on its acquisition of Classic Media and its cartoon characters two years ago.

The loss in the three months through March came to $42.9 million, or 51 cents per share, from a profit of $5.6 million, or 7 cents per share, a year ago. The charge from "Mr. Peabody" came to $57 million.

Revenue rose 9 percent, to $147.2 million from $134.6 million.

Analysts polled by FactSet were expecting a loss of 7 cents per share on revenue of $137.2 million.

"The box office shortfall of 'Mr. Peabody & Sherman' is evidence of the current challenges we face within our feature film segment," said CEO Jeffrey Katzenberg in a statement. "Restoring the strength in our core business is my number one priority today."

Katzenberg said he's confident the performance of "How To Train Your Dragon 2," which is to be released June 13, will restore the company to its historical box office success.

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