As part of DreamWorks plans to go public with its animation unit, the company had to open its financial books to the public for the first time.
It was disclosed that Jeffrey Katzenberg did not receive any compensation from the studio in 2003. Yet, he will receive stock options worth an estimated $20.5 million when IPO goes forth.
DreamWorks' coo Ann Daly earned $1.5 million and 30,000 stock options in 2003. General counsel Katherine Kendrick took home $550,000 plus 25,000 shares and cfo Kristina Leslie landed $300,000 plus 10,000 options.
Daly's new salary will drop to $1 million and will received an estimated $8 million work of the IPO stock. Kendrick and Leslie will receive salaries of $550,000 and $500,000, respectively, as well as an estimated $3 million each in options.
Former PepsiCo chief Roger Enrico will serve as chairman and will received $4 million in options. DreamWorks principals Steven Spielberg and David Geffen will serve as consultants for the new public companies. Details on compensation and roles for Enrico, Spielberg and Geffen will be released when the IPO goes forth.
The toon arm lost $25.9 million for the quarter ended March 30, 2004 on revenue of $40.8 million. For 2003, the animation division lost $189 million on revenue of $296 million. In 2002, it lost $31 million on revenue of $456 million. While in 2001, it had a net profit of $3.7 million on revenue of $661 million.