Better than expected:
Headline: Pixar Announces First Quarter 1999 Financial Results; 'A Bug's Life'
Global Box Office Reaches $352 Million
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RICHMOND, Calif.--(BUSINESS WIRE)--April 22, 1999--Pixar
Animation Studios (NASDAQ:PIXR) announced financial results for the
first quarter ended April 3, 1999.
Revenues for the first quarter were $3.4 million compared with
$5.0 million in the first quarter of 1998. Net income for the first
quarter was $900,000 compared with $3.8 million for the first quarter
of 1998. Diluted earnings per share for the first quarter were $0.02
compared with $0.08 for the first quarter of 1998.
To date, A Bug's Life has earned $162 million in domestic box
office receipts and $190 million in international box office receipts,
totaling $352 million and approaching Toy Story's global box office
receipts of $354 million. A Bug's Life has now become one of the top
five grossing animated films of all-time. First quarter revenues
include a small amount of royalties from A Bug's Life interactive
products. Under the co-production agreement with The Walt Disney
Company, Pixar's profit sharing from A Bug's Life will commence upon
Disney's recovery of all marketing and distribution fees and costs.
Upcoming film releases include Toy Story 2, which is targeted for
release this November and Pixar's fourth film, which is currently
targeted for release in summer 2001.
Pixar Animation Studios combines creative and technical artistry
to create original characters and stories in the new medium of
computer animation. Pixar created and produced the first
computer-animated feature film, the Academy Award winning Toy Story,
and in 1997 entered into a partnership with The Walt Disney Company to
finance, produce and distribute five computer-animated feature films
and related products, the first of which was A Bug's Life. Pixar's
stock is traded on the Nasdaq National Market under the symbol PIXR.
*T
Pixar Animation Studios
Condensed Statements of Operations
(in thousands, except per share data)
Quarter Ended
April 3, March 28,
1999 1998
---- ----
Revenue:
Software $ 1,574 $ 673
Animation services 222 171
Film 1,645 4,036
Patent licensing -- 117
-------- --------
Total revenue 3,441 4,997
Cost of revenue:
Software 298 36
Animation services 154 38
Film 272 --
-------- --------
Total cost of revenue 724 74
-------- --------
Gross profit 2,717 4,923
Operating expenses:
Research and development 1,346 866
Sales and marketing 348 218
General and administrative 1,387 1,766
-------- --------
Total operating expenses 3,081 2,850
-------- --------
Income (loss) from continuing operations (364) 2,073
Other income, net 1,865 2,400
-------- --------
Income from continuing operations
before income taxes 1,501 4,473
Income tax expense 601 1,029
-------- --------
Net income from continuing operations 900 3,444
Income from discontinued operation of
CD ROM division, net of taxes -- 374
-------- --------
Net income $ 900 $ 3,818
======== ========
Basic earnings per share $ 0.02 $ 0.09
Diluted earnings per share $ 0.02 $ 0.08
Shares used in computing
basic earnings per share 45,548 43,119
Shares used in computing
diluted earnings per share 51,506 50,316
Pixar Animation Studios
Condensed Balance Sheets
(in thousands)
April 3, January 2,
1999 1999
---- ----
ASSETS
Cash and short-term investments $134,670 $149,048
Receivables, net 3,824 3,885
Prepaid expenses and other assets 6,081 5,872
Capitalized film production costs 68,054 60,841
Property and equipment, net 34,590 31,160
-------- --------
Total assets $247,219 $250,806
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts and income taxes payable $ 2,467 $ 2,712
Payable to Disney 763 3,363
Other accrued liabilities 6,167 8,396
Unearned revenue 1,137 1,188
-------- --------
Total liabilities 10,534 15,659
-------- --------
Shareholders' equity:
Common stock 221,256 220,397
Retained earnings and other 15,429 14,750
-------- --------
Total shareholders' equity 236,685 235,147
-------- --------
Total liabilities and shareholders'
equity $247,219 $250,806
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*T
CONTACT: Pixar Animation Studios, Richmond
Sarah Flatley/Vice President, Finance, 510/620-3648
Bryn Richardson/Investor Relations Mgr., 510/620-3577
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMED INTERACTIVE/MULTIMEDIA/INTERNET
COMPUTERS/ELECTRONICS ENTERTAINMENT EARNINGS
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