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DreamWorks Animation Loss More Than Doubles

08/04/2015 | 05:15pm US/Eastern

DreamWorks Animation SKG Inc.'s loss more than doubled in the second quarter, as the studio struggles to revamp operations.

The second-quarter deficit was the fifth quarterly loss in the six most recent reporting periods.

DreamWorks said it lost $38.6 million, or 45 cents a share, compared with a loss of $15.4 million, or 18 cents a share, a year earlier. Excluding restructuring-related charges and other items, the latest loss was 13 cents a share.

Revenue rose nearly 40% to $170.8 million.

Analysts surveyed by Thomson Reuters had expected a loss of 26 cents a share on $166.7 million in revenue.

The company ended 2014 with a $308.3 million loss, compared with a profit of $55.7 million in 2013.

The company's share price, up 7.4% this year, edged down 0.44% to $23.88 in late trading on Tuesday.

The studio has moved to restructure its feature film segment following a series of box office flops. For the most recent period, however, that segment, which accounts for more than half of the studio's revenue, reported an 26% increase in revenue, bolstered by the release in March of "Home," based on Adam Rex's children's book, "The True Meaning of Smekday."

DreamWorks' feature-animation business also has struggled, as the studio prioritized its television, online video and consumer products.

Pointing to creative shortcomings and top-heavy management, Chief Executive Jeffrey Katzenberg said the company would eliminate about 500 jobs, or about one-fifth of its workforce; close its Redwood City, Calif., animation studio; and trim its management ranks. Those cuts included three of his deputies.

The restructuring move follows failed merger talks with Japanese telecommunications giant SoftBank Corp. and Rhode Island-based toy maker Hasbro Inc.

To shore up its cash, DreamWorks sold its Glendale, Calif., headquarters campus and signed a 20-year lease.

The company booked about $210.1 million in restructuring-related charges for the year ended this past Dec. 31. The latest reporting period includes a $20.9 million pretax restructuring charge.

Write to Maria Armental at maria.armental@wsj.com

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