Citing box office stumbles, DreamWorks to cut 500 jobs

DreamWorks Animation announced Thursday that it would cut 500 jobs in the wake of a string of box-office disappointments.

The studio also said it would take a $290 million charge in connection with the layoffs, which will cut across all locations and divisions of the studio. The company employs about 2,400 people worldwide, with most of the workforce based in Glendale and Redwood City, Calif.

The restructuring plan is expected to be substantially complete by the end of 2015 and is expected to result in annualized pretax cost savings of about $30 million in 2015, growing to roughly $60 million by 2017.

Starbucks quarterly revenue sets record in fourth quarter

Starbucks posted a big bump in earnings and revenue, bolstered by the buyout of its Japanese partner, customers spending more in existing stores and a series of new store openings.

The Seattle coffee giant saw its earnings grow to $983.1 million, or $1.30 a share, from $540.7 million, or 71 cents a share, in the same period last year. Excluding the extra income from the purchase of what it previously didn’t own in its Japanese unit, Starbucks posted earnings of 80 cents a share, matching Wall Street expectations. Revenue was in line with Wall Street forecasts at a record $4.8 billion, a 13 percent jump.

Maine’s The First Bancorp has record year for income

The First Bancorp, a Damariscotta bank that trades on Nasdaq as FNLC, reported its best year ever, with 2014 income of $14.7 million, up $1.7 million, or 13.5 percent, from 2013.

That income performance was 4.8 percent higher than the bank’s previous best year in 2008, according to a media release from the company. Bank officials said lower credit costs, an improved net interest margin and growth in the loan portfolio were the reasons for the milestone.

The bank has assets of more than $1.4 billion. Earnings per common share for the year ended Dec. 31, 2014, on a fully diluted basis of $1.37, were up 17 cents, or 14.2 percent, from 2013.

Family Dollar shareholders support sale to Dollar Tree

The battle over dollar stores is nearly over. Family Dollar shareholders voted Thursday to approve a takeover bid by rival Dollar Tree, despite higher competing offers from Dollar General.

The deal with Dollar Tree still needs to be approved by the Federal Trade Commission, but Family Dollar expects it to close by March.

Dollar Tree first offered to buy Matthews, North Carolina-based Family Dollar in July for about $8.5 billion. Dollar General offered higher bids that were repeatedly rejected. Dollar General’s pursuit of Family Dollar is now likely finished.

— From news service reports