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Thursday, Feb 2, 2023
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DreamWorks Posts Second-Quarter Loss

DreamWorks Animation SKG Inc. posted a second-quarter loss after slow sales of its home videos led to an 88 percent decline in revenues from the year-ago period.


The Glendale-based digital animation film company reported a net loss of $3.7 million (4 cents per diluted share) for the second quarter ended June 30, compared with income of $146.1 million ($1.89) for the like period a year earlier. The most recent second quarter included a tax benefit of nearly $2 million, or 2 cents a share.


Revenue for the quarter fell 88 percent to $35.4 million from $300.3 million in the year-ago period.


In July, DreamWorks warned of a second-quarter loss and cut its full-year forecast due to higher-than-expected returns of its home videos. At the time, the company said it expected a loss in the range of 7 cents to 9 cents per share.


DreamWorks said Thursday that stronger sales of consumer products from the animated movie “Madagascar” brought results slightly above its own revised estimates. The movie has now earned more than $432 million in worldwide box office, the company said in a statement.


DreamWorks reaffirmed its full-year forecast for net income of 80 cents to 90 cents per share.

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