Dreamworks Animation Battles Back With The Croods
Dreamworks Animation, battered in the previous quarter by disappointing ticket sales for its Rise of the Guardians, has staged a comeback in the current quarter with solid home-video sales and strong performance of The Croods, which has grossed more than $480 million worldwide. The company also significantly cut back costs by laying of hundreds of workers and slowing its schedule of releases. In its filing, DWA COO Ann Daly said, The strength of our worldwide box office results from The Croods and overperformance in Home Video from both of our 2012 titles [Madagascar 3: Europe's Most Wanted and Rise of the Guardians] demonstrate success in DWA's core business so far this year, Shares of DreamWorks Animation surged 5.76 percent at midday trading on the Nasdaq. In a related matter, A California appellate court upheld a verdict that DWA did not steal the idea for it Kung Fu Panda franchise.