Pixar Animation Studios announced an update to its fiscal second quarter 2005 guidance, following a review of the most current domestic and international home video sales data for THE INCREDIBLES. The company is updating its second quarter home video projections to increase its reserves for returns. As a result, Pixar is modifying its earlier projection of roughly $0.15 per diluted share for the quarter ending July 2, 2005, to approximately $0.10 per diluted share, which equates to around a $6 million difference in net income.
"THE INCREDIBLES is the best-selling home video title of 2005 to date, and we continue to expect it to generate home video revenues similar to MONSTERS, INC.," said Pixar ceo Steve Jobs. "But based on the most recent sell-through information, we have opted to be more cautious with respect to our second quarter home video reserves."
Pixar Animation Studios is the leader in the medium of computer animation. Pixar has created six of the most successful and beloved animated films of all time: TOY STORY, A BUG'S LIFE, TOY STORY 2, MONSTERS, INC., FINDING NEMO and THE INCREDIBLES. Pixar has won 18 Academy Awards and its six films have grossed more than $3.2 billion at the worldwide box office to date. The Northern California studio will release its next film, CARS, on June 9, 2006.