Dreamworks Animation Announces Layoffs and 2012 Financial Results

DreamWorks Animation announced their fourth quarter and year-end 2012 financial results today. From the company press release, DreamWorks Animation reported a total quarterly revenue of $264.7 million and a net loss of $82.7 million, or a loss of $0.98 per share. For all of 2012 (they follow a calendar year), they reported total revenue of $749.8 million and a net loss of $36.4 million, or a loss of $0.43 per share.

Jeffrey Katzenberg said the following about the results:

“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.”

An unfortunate side effect of the DreamWorks earnings is an upcoming layoff at the studio. During the 4Q earnings call yesterday, Katzenberg said that approximately 350 employees will be laid off, which is 15% of their work force. Most of the cuts will hit the production team, but other departments will be affected, too.

For 2013, we’ll see from DreamWorks Animation the above-mentioned caveman comedy adventure The Croods (directed by Kirk DeMicco and Chris Sanders), released on March 22, 2013, along with the racing themed comedy Turbo (directed by David Soren) on July 19, 2013.

For 2014, DreamWorks is planning to release three films: Mr. Peabody & Sherman (directed by Rob Minkoff) on March 7, 2014 now instead of November 1, 2013, How to Train Your Dragon 2 (directed by Dean DeBlois) on June 20, 2014, and Happy Smekday! (directed by Tim Johnson) on November 26, 2014. Me & My Shadow, previously scheduled for March 2014, has been returned to development at the studio.