Disney CEO Bob Iger said Tuesday that it’s unlikely that the company will see revenue from new movies this year, as the company tries to recoup the costs of its massive acquisition of Pixar.
Disney is also expected to miss its goal of $4 billion in revenue this year and is expected to report a net loss of $3 billion or more for the year, according to a report from Reuters.
The company has been struggling to make ends meet, with the $4.9 billion purchase of Pixar last year bringing in a record $1.5 billion.
The acquisition also brought with it a $1 billion cash infusion from investors.
The Disney chief executive, however, said in the same statement that it was still very much an “ongoing challenge” for the company.
“I don’t think we’re going to make any financial announcements until we get to that point,” Iger told analysts on a conference call.
Iger also said that Disney is still evaluating what is the best way to use the $3.7 billion it raised through the $5 billion sale of Lucasfilm.