good stuff:
Pixar Announces Financial Results For Q3 1996
RICHMOND, Calif.--(BUSINESS WIRE)--Oct. 28, 1996--Pixar Animation Studios
(NASDAQ:PIXR) announced financial results for the third quarter of 1996 and for the
nine months ended Sept. 30, 1996.
Revenues for the third quarter were $13.8 million, compared with $1.1 million in the
third quarter of 1995. Net income for the third quarter was $9.6 million, compared with a
net loss of $1.3 million for the third quarter of 1995. Earnings per share for the third
quarter were $0.21 per share, compared with a loss of $0.03 per share for the third quarter
of 1995.
Revenues for the nine months ended Sept. 30, 1996 were $30 million, compared with
$10.6 million for the nine months ended Sept. 30, 1995. Net income for the nine months
ended Sept. 30, 1996 was $20.7 million, compared with $3.1 million for the nine months
ended Sept. 30, 1995. Earnings per share for the nine months ended Sept. 30, 1996 were
$0.44 per share, compared with $0.08 per share for the nine months ended Sept. 30, 1995.
Founded in 1986, Pixar is an Academy Award-winning computer animation studio that is
creating a new generation of animated feature films, CD-ROM titles and other animated
products. Pixar animation combines the creativity of some of the world's leading
animators and story writers with an entirely new, three-dimensional animated look.
Pixar's first feature, Toy Story, was released by The Walt Disney Company in November
1995 and is the world's first fully computer-animated feature film. It became the highest
grossing domestic film released in 1995. In April 1996, Pixar released its first CD-ROM,
Disney's Animated Storybook, Toy Story. Created by Pixar's interactive division in
conjunction with Disney Interactive, the Animated Storybook is the first CD-ROM to
deliver full-screen, motion-picture quality animation to the consumer's home computer.
Pixar is located in Point Richmond, Calif. and employs approximately 260 people.
Further information may be obtained from the company's SEC filings or by contacting
the company directly. Pixar's stock is traded on the Nasdaq National Market under the
symbol PIXR.
Note to Editors: Condensed Statements of Operations and Balance Sheets to follow.
Pixar Animation Studios
Condensed Statements of Operations
(in thousands, except per share data)
(Unaudited)
Three Months Nine Months
Ended Ended
Sept. 30, Sept. 30,
1996 1995 1996 1995
Revenues:
Software $ 949 $ 706 $3,594 $2,599
Animation services 1,022 397 2,606 1,501
Film 11,146 -- 16,222 --
Technology licensing 719 -- 7,610 6,500
Total revenues 13,836 1,103 30,032 10,600
Cost of revenues:
Software 20 112 81 501
Animation services 856 428 2,357 1,090
Film 922 -- 1,344 --
Total cost of revenues 1,798 540 3,782 1,591
Gross margin 12,038 563 26,250 9,009
Operating expenses:
Research and development 2,097 619 4,811 2,349
Sales and marketing 296 370 1,358 1,316
General and administrative 1,568 976 4,142 1,993
Total operating expenses 3,961 1,965 10,311 5,658
Income (loss) from
operations 8,077 (1,402) 15,939 3,351
Other income (expense), net 2,037 -- 5,826 (74)
Income (loss) before
income taxes 10,114 (1,402) 21,765 3,277
Income taxes 514 (57) 1,096 172
Net income (loss) $9,600 $(1,345) $20,669 $3,105
Net income (loss) per
share (1) $ .21 $ (0.03) $ 0.44 $ 0.08
Shares used in computing
net income (loss) per
share (1) 46,714 39,731 46,973 39,698
(1) Income per share and share data for the three and nine-month
periods ended Sept. 30, 1995 represent pro forma amounts.
Pixar Animation Studios
Condensed Balance Sheets
(in thousands)
Sept. 30, Dec. 31,
1996 1995
(Unaudited) (Audited)
ASSETS
Current assets:
Cash and short-term investments $147,535 $144,288
Accounts receivable, net 11,776 784
Other receivables 3,960 1,969
Capitalized film production
costs, current 1,443 1,446
Other current assets 382 309
Total current assets 165,096 148,796
Property and equipment, net 3,352 1,552
Capitalized film production
costs, long term 1,084 2,170
Other assets 1,059 497
Total assets $170,591 $153,015
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Note and interest payable to
shareholder, current $ -- $ 2,373
Accounts payable 689 742
Income taxes payable 799 --
Accrued and other liabilities 4,043 3,400
Film production costs payable -- 3,324
Unearned revenue 400 269
Total current liabilities 5,931 10,108
Shareholders' equity:
Common stock 186,005 185,845
Other (1,288) (2,212)
Accumulated deficit (20,057) (40,726)
Total shareholders' equity 164,660 142,907
Total liabilities and
shareholders' equity $170,591 $153,015
CONTACT: Pixar Animation Studios, Richmond
Lawrence Levy, 510/412-3620
or
Stapleton Communications Inc.
Deborah Stapleton or Anna Yen, 415/988-9207 |
