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DreamWorks’ Q1 Results Edge Out Expectations

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DreamWorks’ Q1 Results Edge Out Expectations

First-quarter revenues were up over last year for DreamWorks Animation, which nonetheless reported a net loss of $54.8 million for the quarter including the impact of its recent restructuring moves.

Revenues for the quarter ended March 31 totaled $166.5 million, an increase of 13.1 percent from the same period in 2014.

The company took a $31.9 million pre-tax charge from its January restructuring plan, which included the closure of its PDI facility in Redwood City, Calif., and staff reductions.

Excluding that charge, the company reported an adjusted operating loss of $3.4 million and adjusted net loss of $21.5 million. Including the impact of the restructuring plan, DWA reported an operating loss of $35.3 million and reported a net loss of $54.8 million.

The results slightly beat expectations from financial analysts.

In a statement, CEO Jeffrey Katzenberg says the box office success of its March 27 theatrical release Home bodes well for the company’s future

“While 2015 is a transitional year for us, the worldwide box office performance of Home serves as early evidence that the changes we’re making in the core feature animation business are working,” said  Katzenberg. “In addition, last Friday, our television series All Hail King Julien won the Emmy Award for Outstanding Children’s Animated Program.” Katzenberg added, “This recognition highlights the extraordinary talent and high quality of their work being done at the studio today and we couldn’t be prouder.”

Home released theatrically on March 27, 2015 and has reached $154 million at the domestic box office and nearly $154 million at the international box office to date.

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