DreamWorks Marks $87 Million Write-Down on 'Guardians' Film
DreamWorks Animation has announced an $87 million write-down on last year's holiday season animated blockbuster "Rise of the Guardians."
The write-down was part of a $165 million charge reported in year-end 2012 financial results, which included a fourth quarter loss of $82.7 million and a 12-month net loss of $36.4 million, on revenue of $749.8 million, AFP reported.
The $165 million charge "includes a write-down of film costs for 'Rise of the Guardians' in the amount of $87 million," as well as $54 million linked to 'Me & My Shadow' and $20 million to a number of other projects, it said on Tuesday.
"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," said DreamWorks boss Jeffrey Katzenberg.
"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," he added.
In "Rise of the Guardians," which opened in November, a cutlass-wielding Santa Claus gangs up with the Tooth Fairy and the Easter Bunny to save the world from the Boogeyman.
Featuring the voices of actors Alec Baldwin, Jude Law and Hugh Jackman, the movie had an estimated budget of $145 million, according to the IMDb industry website.
The film has grossed $302.3 million at the worldwide box office and contributed revenue of $6.1 million to the fourth quarter, according to Tuesday's financial statement.
DreamWorks Animation is based in Glendale, California, just outside Los Angeles.