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Pixar Reports Fourth Quarter Earnings

Pixar Animation Studios recently announced financial results for its fourth quarter and fiscal year ending December 29, 2001. The studios Oscar-nominated film MONSTERS, INC. helped Pixar more than double the previous quarters profits. Fourth quarter profits were $13 million, or $0.25 per share up from the $6.2 million or 12 cents per share earned for the third quarter of 2001, but down from $35.2 million, or $0.71 per share for the same period in 2000. Revenue driven primarily by the $234.2 million domestic box office receipts from MONSTERS, INC. dropped to $26.1 million from $75.7 million in the year-ago quarter when revenues were primarily driven by TOY STORY 2's worldwide home video sales. Revenues for the fiscal year ending December 29, 2001 were $70.2 million, net income was $36.2 million, and diluted earnings per share were $0.71. These results compare to full year 2000 revenues of $172.3 million, net income of $78.4 million, and diluted earnings per share of $1.57. As reported in REUTERS, Pixar's chairman and chief executive officer, Steve Jobs said in a conference call to investors that the company aims to bring out a movie every 12 months, compared to the current lag of about 18 months. Pixars next movie, FINDING NEMO, is due in theaters summer 2003.