'John Carter' Loss Expected to Be $200M
Published: March 19, 2012 @ 1:51 pm
By Joshua L. Weinstein
"John Carter" is now an official flop.
The Walt Disney Co. on Monday acknowledged in a statement that the movie's poor performance at the box office likely will force Disney to take a $200 million writedown. That will give the studio an operating loss of as much as $120 million in the second quarter of this year.
"John Carter," based on an Edgar Rice Burroughs character, was made for about a quarter-billion dollars. Marketing costs were another $100 million on top of that. The movie grossed only $30.2 million domestically during its first weekend of release. In its second weekend, it took a measly $13.5 million.
"John Carter" was released March 9 and, in its 10 days, has grossed $53.2 million domestically and $126 million internationally.
Even before the movie arrived in theaters, Hollywood had labeled it a bomb. Early on, there were wide reports that the sci-fi extravaganza had gone over budget and required many costly reshoots. An uninspired trailer only made the situation worse.
The film is director Andrew Stanton's first live-action movie.
It stars Taylor Kitsch as a Confederate soldier who finds himself transported to Mars, where he becomes involved in an alien war.
Here's Disney's statement:
“In light of the theatrical performance of John Carter ($184 million global box office), we expect the film to generate an operating loss of approximately $200 million during our second fiscal quarter ending March 31. As a result, our current expectation is that the Studio segment will have an operating loss of between $80 and $120 million for the second quarter. As we look forward to the second half of the year, we are excited about the upcoming releases of The Avengers and Brave, which we believe have tremendous potential to drive value for the Studio and the rest of the company.”
More to come...