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Pixar Posts High First Quarter Revenues

Pixar Animation Studios had a "monster" first quarter as the success of MONSTERS, INC. gave the company higher than expected revenues. For the quarter ended March 30, 2002, Pixar earned $15.6 million or $0.30 per diluted share. These results compare to earnings of $8.3 million, or $0.16 per diluted share, achieved in the year-ago quarter. Revenues for the quarter were $37.1 million, including film revenues of $34.4 million, primarily derived from worldwide box office receipts from MONSTERS, INC., versus $16.2 million a year ago, when revenues were primarily driven by worldwide home video sales, merchandise revenues and ancillary royalties from Pixar's film library. "2002 is coming in a bit stronger than we planned, with MONSTERS, INC. crossing the $500 million mark at the worldwide box office to become the second-highest grossing animated film of all time," said Steve Jobs, Pixar's CEO. "We're looking forward to releasing the MONSTERS, INC. home video in September, and we're hard at work on our last three films under our current Disney deal." Jobs projected a low second quarter as the company prepares to ramp up marketing efforts for MONSTERS, INC. home video, with revenues to be boosted again in the third quarter with the release of the film on home video. Pixar's next feature, FINDING NEMO, is due in theaters summer 2003.