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Pixar's 1Q Profit, Revenue Surge on 'Nemo' Success

EMERYVILLE, Calif. -- Pixar(NASDAQ-NMS:PIXR) Animation Studios (PIXR) reported surging first- quarter profit and revenue, boosted by the continuing success of the blockbuster movie "Finding Nemo."

The digital-animation studio late Thursday reported net income of $26.7 million, or 46 cents a share, in the quarter ended April 3, up more than threefold from $8.2 million, or 15 cents a share, a year earlier. The latest earnings easily topped the company's February estimate of 30 cents a share.

Revenue soared to $53.8 million from $18.7 million amid a sharp rise in film and animation services revenue.

"Pixar(NASDAQ-NMS:PIXR) is off to a strong start in 2004 with 'Finding Nemo's' world-wide home- video sales already surpassing 'Monsters, Inc.,'" Chief Executive Steve Jobs said in a written statement.

The company's next film, "The Incredibles," is due out in November.

In its earnings statement, Pixar(NASDAQ-NMS:PIXR) had no update on its search for a new distribution partner. Pixar(NASDAQ-NMS:PIXR) ended talks in January with Walt Disney Co.(NYSE:DIS) (DIS) about continuing their partnership.

Pixar(NASDAQ-NMS:PIXR) reported results after the close of trading Thursday. As of 4 p.m. EDT on the Nasdaq Stock Market, its shares were down 19 cents to $66.06. The shares slipped to $65.80 in after-hours trading, according to INET.

-Diana Rosenberg; Dow Jones Newswires; 609-520-7817


Dow Jones Newswires
05-06-041707ET
Copyright (C) 2004 Dow Jones & Company, Inc. All Rights Reserved.