DreamWorks (DWA) Lower on Lighter FY13 Film Slate; Job Cuts Imminent

February 6, 2013 10:11 AM EST
DreamWorks (NYSE: DWA) is ticking lower early following an updated release schedule for films in 2013 and 2014.

The company said its Mr. Peabody & Sherman film will release in March 2014, from an initially scheduled November 2013 debut. That puts DreamWorks with just two releases in 2013 and three in 2014 (How To Train Your Dragon 2 will be out on June 20, 2014 and Happy Smekday! on November 26, 2014).

Me & My Shadow has been removed from the lineup, originally occupying the March 2014 slot.

Following the shift, The Hollywood Reporter says DreamWorks will also be laying off an unspecified number of people. The cuts will come from DreamWorks' production, technology and overhead functions, according to the reports.

Much of the layoffs will come following results for Rise of the Guardians. While the film took in $300 million at the box office, high production and marketing costs may force DreamWorks into a $96 million write down for the quarter.

Shares are down about 5.5 percent Wednesday morning.

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