Pixar Posts High Second Quarter Earnings
Citing the success of MONSTERS, INC. and strong sales of its Renderman animation software among other factors, Pixar Animation Studios announced higher than expected earnings for its fiscal second quarter ended June 29, 2002. For the quarter, Pixar earned $10.4 million or $0.20 per diluted share. These results compare to earnings of $8.8 million, or $0.17 per diluted share, achieved in the year-ago quarter. Revenues for the quarter were $22.8 million, as compared to $16.7 million in the year-ago quarter. Revenues for the six months ended June 29, 2002 were $59.9 million, compared to $32.8 million for the six months ended June 30, 2001. Earnings for this year's six-month period were $26.1 million, compared to $17.0 million for the prior year's six months. Diluted earnings per share were $0.50 as compared to $0.33 for the respective six-month periods. "Pixar is firing on all cylinders," said Pixar CEO Steve Jobs. "Our results this quarter reflect the outstanding performance of MONSTERS, INC., which is poised to continue with its domestic home video release next month, and earnings from our growing film library, which continues to outperform our expectations." Pixar is preparing for the September 2002 launch of the DVD version of MONSTERS, INC. and is also at work on its final three CG-animated films under its production deal with Disney: summer 2003's FINDING NEMO, holiday 2004's THE INCREDIBLES and holiday 2005's CARS.