DreamWorks Animation SKG said it would take an $87-million charge on last year's holiday movie "Rise of the Guardians," marking the largest write-down the studio has ever taken for one of its own movies.
Analysts had estimated that the studio would take a write-down of from $70 million to nearly $100 million on the film, which represented a rare box-office misfire for DreamWorks, creator of the popular "Shrek," "Kung Fu Panda" and "Madagascar" films.
"Rise of the Guardians," which cost about $145 million to make, has generated $302 million in global box-office ticket sales since its debut in late November, well short of a typical DreamWorks Animation movie.
The film -- about a group of folk heroes, including the Tooth Fairy and Santa Claus, who join forces to protect children from an evil nemesis -- faced tough competition during a record Thanksgiving weekend at the holiday box office, losing business to "Lincoln," "Life of Pi," "Twilight: Breaking Dawn Part 2," "Skyfall" and Disney's animated hit "Wreck-It Ralph."
"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 Jeffrey Katzenberg, chief executive of DreamWorks Animation. "We are now looking ahead to our next release -- and our first under our new distribution agreement with 20th Century Fox -- 'The Croods' on March 22, 2013.”