DreamWorks Loss Wider Than Estimates

(RTTNews) - DreamWorks Animation SKG Inc (DWA) on Tuesday reported fourth-quarter net loss of $263.2 million or $3.08 per share compared with a profit of $17.2 million or $0.20 per share last year.

Results for the latest quarter included film and other inventory write-offs of $155.5 million and employee termination costs of $43.4 million, the company said.

Revenues for the quarter were up 14.7% at $234.2 million compared with $204.3 million in the prior year.

Analysts polled by Thomson Reuters estimated a loss of $3.01 per share on revenues of $246.2 million for the quarter. Analysts' estimates typically exclude special items.

"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 CEO Jeffrey Katzenberg.

In January, DreamWorks said it would cut 500 jobs and only produce two movies a year as the film studio tries to improve the performance of its animation movie business.