Pixar Reports Record Third Quarter Financial Results

Pixar Animation Studios announced the largest quarterly profit in the company's history with the financial results for its fiscal third quarter of 2002 and for the nine months ended September 28, 2002. For the quarter, Pixar earned $46.9 million or $0.87 per diluted share, compared to earnings of $6.2 million, or $0.12 per diluted share, achieved in the year-ago quarter. Revenues for the quarter were $102.5 million, as compared to $11.3 million in the year-ago quarter. These results were largely driven by better than expected sales of the MONSTERS, INC. home video, which reached worldwide sales of 25 million units in the third quarter. The company had previously expected home video sales in the third quarter to range from 20 to 22 million units. Revenues for the nine months ended September 28, 2002 were $162.3 million, compared to $44.1 million for the nine months ended September 29, 2001. Earnings for this year's nine-month period were $73.0 million, compared to $23.2 million for the prior year's nine months. Diluted earnings per share were $1.39 as compared to $0.45 for the respective nine-month period. Pixar also announced that it is raising projections for 2002 EPS from the previous range of $1.25 to $1.35, to a new range of $1.50 to $1.55. "We are thrilled to report the most profitable quarter in Pixar's history," said Pixar CEO Steve Jobs. "Pixar is firing on all cylinders as we look forward to the release of FINDING NEMO in 2003, THE INCREDIBLES in 2004 and CARS in 2005." Pixar also announced the release date for its fifth film for Disney. FINDING NEMO is scheduled to be in theaters May 30, 2003.

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