DreamWorks Movie 'Mr. Peabody & Sherman' Results in $57M Write-Down

Image: DreamWorks Movie 'Mr. Peabody & Sherman' Results in $57M Write-Down

Thursday, 01 May 2014 12:48 PM

By Clyde Hughes

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The poor box office take for the "Mr. Peabody & Sherman" movie last month has forced DreamWorks Animation to take a $57 million write-down on the film.

The movie has made $261 million worldwide since its release on March 7, substantially below other DreamWorks movies, and the write-down contributed to the studio's reported net loss of $42.9 million on revenue of $147.2 million over the first three months of the year, The Los Angeles Times reported.

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"The box office shortfall of 'Mr. Peabody & Sherman' is evidence of the current challenges we face within our feature film segment, and restoring the strength in our core business is my No. 1 priority today," DreamWorks Animation Chief Executive Jeffrey Katzenberg said in a statement.

"Our next film is 'How to Train Your Dragon 2' on June 13 ... and I am confident that its performance will put us back on track to once again reach the levels of box office success that we've achieved historically," Katzenberg added.

The first "How To Train Your Dragon" was a hit for DreamWorks in 2010, pulling in $494.8 million globally and was nominated for two Academy Awards.

DreamWorks found itself in the same position last year when it took an $87 million write-down for "Rise of the Guardians," laying off 350 people in February after the write-down news broke.

DreamWorks' 2013 "Turbo" also didn't fare well at the box office, generating $282.6 million in worldwide ticket sales.

"We made significant progress in 2013, transforming and positioning DreamWorks Animation for long-term success as a diversified family entertainment company," Katzenberg said in a statement in February. "Beyond our feature films, we plan to continue to invest in our television, consumer products, digital and location-based entertainment businesses, where we believe there are significant growth opportunities for our company going forward."

DreamWorks did hit pay dirt with "The Croods," which pulled in $587 million worldwide and "The Croods 2" is in the works for a June 2017 release, while "How to Train Your Dragon 3" is expected to open in June 2016.

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