Pixar Reports Third Quarter Results
Pixar Animation Studios, which currently has the United States top motion picture for a second week in a row, recently reported a 30 percent decline in third quarter earnings. Pixar said earnings fell to $6.2 million or 12 cents per diluted share in the third quarter, which concluded at the end of September 2001, a month before MONSTERS, INC. hit theaters. This figure is down from $8.8 million or 18 cents per share in the period a year ago. Pixar also announced that it is raising projections for 2001 EPS from the previous range of $0.50 to $0.58, to a new estimate of about $0.60. Film and animation services revenues for the third quarter were $9.8 million, which included the sale of domestic television rights of TOY STORY 2 and TOY STORY to ABC, as well as continued merchandise sales and ancillary royalties from the TOY STORY franchise and A BUG'S LIFE. "MONSTERS, INC.'s opening weekend was the largest in animated film history, and we're simply thrilled," said Pixar CEO Steve Jobs. "MONSTERS, INC. may become our studio's fourth blockbuster, and provide ongoing revenues for years to come as part of our growing film library."