A scene from Turbo Photo: IC

DreamWorks Animation SKG Inc's fourth-quarter revenue fell a steeper-than-expected 23 percent due to the continued poor performance of Turbo and the lack of a major movie released in the US during the period.

Shares of the Hollywood studio fell 7.5 percent to $32.55 in extended trading after the company also said it took a charge related to the poor performance of Turbo.

"Turbo faced one of the most competitive feature film environments we have seen," Chief Executive Jeffrey Katzenberg said on a conference call with analysts.

"While it performed fairly well during the fourth quarter at the international box office, it still fell short of our expectations."

Turbo, an animated movie about a garden snail whose dream to become the fastest snail in the world comes true, had a slow start in US theaters after its release in July placed it against rival studios' films such as Monsters University and Despicable Me 2.

DreamWorks said on Tuesday that it expects its full-year 2014 results to be helped by the release of Mr. Peabody & Sherman in March in the US and How to Train Your Dragon 2 in June.

The company has released Mr. Peabody & Sherman in the UK, France and Argentina to take advantage of the school holidays.

However, the studio does not expect a significant contribution to revenue in the first quarter from the movie, which is an animated comedy about a talking genius dog and his pet boy.

Turbo had a slow start at US theaters, prompting several analysts to forecast a write-down on the film in the second or the third quarter.

DreamWorks avoided that, but on Tuesday said the movie's poor performance during the last two months of the fourth quarter ended December 31 forced it to take an impairment charge of $13.5 million, or 12 cents per share.

The company also took an impairment charge of about 6 cents per share related to a short movie, Rocky and Bullwinkle.

DreamWorks reported net income of $17.3 million, or 20 cents per share in the fourth quarter, compared with a loss of $82.7 million, or 98 cents per share, a year earlier.

DreamWorks spent about $135 million to make Turbo. The movie has so far grossed about $282.6 million in receipts, according to Box Office Mojo, a website that tracks theater ticket sales.