DreamWorks Animation officials confirmed Thursday that the company will lay off 500 employees in 2015 and reduce its feature film production from three films a year to two to cut cost.

"The number one priority for DreamWorks Animation's core film business is to deliver consistent creative and financial success," the company CEO Jeffrey Katzenberg told local media. "I am confident that this strategic plan will deliver great films, better box office results, and growing profitability across our complementary businesses," he said.

The cost-cutting strategy will result in pre-tax savings of about 30 million dollars this year, which will grow to about 60 million dollars by 2017.

DreamWorks is scheduled for release "Home" on March 27. In 2016, it plans to release "Kung Fu Panda 3" and "Trolls." The following year, it will release "Boss Baby" and "The Croods 2," followed by "Larrikins" and "How to Train Your Dragon 3" in 2018.

The company also said that another film, "Captain Underpants," will be produced "outside the studio's pipeline at a significantly lower cost" and released in 2017.

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