DreamWorks Animation Dumps Tortoise & Tusker, Reports 2005 Slump
DreamWorks Animation SKG Inc. announced results for the fourth quarter and full year ending Dec. 31, 2005.
Within the release, DreamWorks officially nixed past projects TORTOISE AND THE HARE and TUSKER. Both films were written off for book purposes in 2003. Because DreamWorks Animation plans to abandon the rights to these films in 2006, it receives the associated tax benefit at this time. This has resulted in an increase to net income of approximately $28.0 million, or $0.27 per share, in the fourth quarter.