Katzenberg says "Panda" box office "heartbreaking"

LOS ANGELES (TheWrap.com) - After being mired in a stock slump in recent months, DreamWorks Animation announced a stronger than expected second quarter.

Revenues at DreamWorks Animation climbed 38 percent to $218.3 million during the second quarter on the strength of the worldwide box office performance of "Kung Fu Panda 2," the company announced Tuesday.

Profits for the company also increased, rising 42 percent to $34.1 million, or $0.40 per share.

Revenues for the Glendale-based animation studio beat analysts' projections, while profits met their benchmark. A poll of analysts by Thomson Reuters anticipated earnings of 40 cents per share on revenue of $198.2 million.

Shares rose nearly 5 percent in after-hours trading.

"Kung Fu Panda 2," which was released on May 26, 2011, contributed $55.8 million of revenue in the quarter, generated by its worldwide box office performance as well as merchandising and licensing.

The animated sequel's $440 million gross at the international box office was impressive, but on a conference call with investors after the earnings announcement, DreamWorks Animation CEO Jeffrey Katzenberg described the film's $160 million take at the domestic box office as "heartbreaking."

Katzenberg said that the studio miscalculated by positioning "Kung Fu Panda 2" as family friendly counter-programing to "Hangover Part 2."

"I think we had a terrible, terrible calamity in the US and it's heartbreaking because there's no recovering from it," Katzenberg said.

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http://www.reuters.com/article/2011/07/27/industry-us-dreamworks-idUSTRE76Q04A20110727

'Kung Fu Panda' Scribes to Pen 'Candyland' for Universal

Jonathan Aibel and Glenn Berger, the writers behind the screenplay for Kung Fu Panda and its upcoming sequel, have been tapped to write Candyland for Universal.
Kevin Lima is attached to direct the project, which is being produced by Hasbro’s Brian Goldner and Bennett Schneir. Christopher Chase is exec producing.

The board game, which was set up at Universal when it made its six-year deal with Hasbro in 2008, has a story centered around finding the lost king of Candy Land. The players wind their way through enchanted lands such as Candy Cane Forest and Gum Drop Mountain, see characters such as Princess Frostine and Gramma Nutt as well as the evil Lord Licorice who can make players lose a turn.

The studio is envisioning a live-action epic adventure. Etan Cohen worked on the project previously.

Jeff Kirschenbaum and Maradith Frenkel are overseeing.

The writers, repped by WME and attorney Ken Richman, have staked out a thriving career in animation, having also worked on DWA’s Monsters vs Aliens, as well as TV’s King of the Hill.