DreamWorks Animation took a $13.5-million charge on its animated movie "Turbo," which misfired at the box office this summer.
The Glendale-based studio on Tuesday said the charge represented a loss of $0.12 cents of earnings per share in the fourth quarter. The company said it also recorded a charge of $6.7 million, or $.06 cents a share, related to other unspecified content.
Nonetheless, DreamWorks Animation swung to profit in the quarter, posting net income of $17.2 million on revenues of $204.3 million in the three months ended Dec. 31, compared with a loss of $82.7 million on revenues of $264.6 million during the same quarter in 2012.
For the year, DreamWorks Animation recorded a profit of $55.1 million, compared with a loss of $36.4 million in 2012. Revenues for the year dropped to $706.9 million from $749.8 million in 2012. ...
Early on, Jeffrey K. made buoyant talk about how Turbo would ultimately make money, but that was never really in the cards. It was clear that the picture was under-performing.
There weren't, after all the receipts were in, enough people who wanted to see a movie about a snail.
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"There weren't enough people who wanted to see a movie about a snail."
Which anyone who is not a Dreamworks exec could have told you before the picture was put into production. The people who worked on it did their best (Dreamworks' production crew are tops in the field) but as the Wise Old Storyboard Artist used to tell me: 'you can't polish a turd'. Lame concept = lame movie.
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