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Pixar Reports
Record First Quarter EPS of $0.53
New Film Director and Board Member to Join Studio
RICHMOND, CA - (May 4, 2000)
Pixar Animation Studios (Nasdaq: PIXR) today announced financial results
for its fiscal first quarter ending April 1, 2000. For the quarter, Pixar
posted profits of $26.4 million, or $0.53 per diluted share. These results
compare to profits of $900,000, or $0.02 per diluted share, achieved in
the year-ago quarter. Revenues for the quarter were $61.0 million, compared
with $3.4 million in the year-ago quarter. Pixar is targeting diluted
earnings per share of at least $1.25 for fiscal year 2000.
To date, Toy Story 2 has earned box office receipts of $244 million in the U.S. and $479 million
worldwide, making it the second highest grossing animated film of all
time in the U.S. and the third highest grossing animated film of all time
worldwide. Toy Story 2 will be released on video worldwide this
October, in both VHS and DVD formats. Pixar also announced that animated
feature film director Brad Bird has joined the studio and will begin development
on his first Pixar feature this month. Bird most recently directed the
critically acclaimed animated feature film The Iron Giant from
Warner Bros.
In addition, Pixar announced
that Joe Roth, former Chairman of Walt Disney Studios, will be joining
the company’s Board of Directors.
“Our strong first quarter
results reflect Toy Story 2’s incredible box office success
around the world,” said Steve Jobs, Pixar’s CEO. “This
momentum will continue throughout the year, with the release of the Buzz
Lightyear of Star Command video this August, the fall launch of the
Buzz Lightyear TV series, and the release of Toy Story 2 on video
this holiday season. Beyond this year, we currently have four films in
production and development, beginning with Monsters, Inc., which
is on schedule for a holiday 2001 release.”
Pixar will hold its first
quarter earnings conference call today, Thursday, May 4, 2000, at 2:00pm
(PST). The call, hosted by Ann Mather, CFO, and Steve Jobs, CEO, can be
accessed by dialing (612) 288-0337. Additionally, the replay will be available
today from 6:00 p.m. (PST) until Friday, May 12th, 2000 at 6:00 p.m. (PST).
The replay can be accessed by dialing (320) 365-3844, access code 514899.
About Pixar
Pixar Animation Studios (Nasdaq: PIXR) combines creative and technical
artistry to create original characters and stories in the medium of computer
animation. Pixar created and produced the first computer-animated feature
film, the Academy Award®-winning Toy Story, released in 1995.
Pixar has since released two more animated features: A Bug’s Life, the highest grossing animated film released in 1998; and Toy Story
2, the highest grossing animated film released in 1999. The studio
is currently in production on its fourth animated feature, Monsters,
Inc., targeted for release in 2001.
This release regarding Pixar’s targeted earnings per share for the
2000 fiscal year contains forward-looking information and actual results
may differ materially. Factors that could cause actual 2000 results to
differ include but are not limited to: (1) the timing of release of the Toy Story 2 home video in domestic and foreign markets and the
timing and amount of related revenues and distribution costs; (2) the
timing and amount of Toy Story 2 and A Bug’s Life merchandise
sales; (3) the timing and amount of revenue and costs from the Buzz Lightyear
television series and related home video release; and (4) the amount of
Pixar’s remaining revenues from the foreign theatrical release of Toy Story 2. Please refer to Pixar’s 1999 Form 10K, particularly
the sections on risk factors for important factors that could cause actual
results to differ.
Note to Editors: Condensed Statements of Operations and Balance Sheets
to follow soon.
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