EMERYVILLE, Calif., Aug. 4 /PRNewswire-FirstCall/ -- Pixar
Animation Studios (NASDAQ:PIXR) today announced financial results
for its fiscal second quarter ended July 2, 2005. For the quarter,
Pixar reported revenues of $26.4 million and earnings of $12.7
million, or $0.10 per fully diluted share. Revenues for the six
months ended July 2, 2005 were $187.7 million, and earnings were
$94.6 million, or $0.77 per fully diluted share. "We're very
pleased with the overall performance of The Incredibles, which is
by far the highest-selling DVD in 2005," said Pixar CEO, Steve
Jobs. "Cars is almost completed and is looking fantastic, and we
have no doubt that it will be one of our best films to date."
Earnings Conference Call Scheduled for 5:30 p.m. EDT -- Please Note
Time Change The company will discuss its second quarter 2005
earnings results during a conference call to be held today,
Thursday, August 4, 2005 at 5:30 p.m. EDT, 2:30 p.m. PDT. The call,
hosted by Pixar's Chairman and Chief Executive Officer, Steve Jobs,
and Executive Vice President and Chief Financial Officer, Simon
Bax, can be accessed by dialing 877-777-1973 (U.S.) or 651-291-0900
(Int'l) approximately 10 minutes prior to the start time. A replay
of the call will be provided through Thursday, August 11, 2005
until midnight EDT. To access the replay, please call 800-475-6701
(U.S.) or 320-365-3844 (Int'l) and reference the reservation code:
789073. Pixar will also provide live audio streaming of its second
quarter 2005 results conference call. The webcast will be
accessible through Pixar's web site at
http://www.pixar.com/investor/index.html. About Pixar Animation
Studios Pixar Animation Studios combines creative and technical
artistry to create original stories in the medium of computer
animation. Pixar has created six of the most successful and beloved
animated films of all time: Toy Story, A Bug's Life, Toy Story 2,
Monsters, Inc., Finding Nemo and The Incredibles. Pixar has won 18
Academy Awards(R) and its six films have grossed more than $3.2
billion at the worldwide box office to date. The Northern
California studio will release its next film, Cars, on June 9,
2006. This release contains forward-looking information regarding
Pixar's targeted release date for Pixar's next film and actual
results may differ materially. Factors that could cause delays in
the release of the film include, but are not limited to: (1) the
uncertainties related to production delays; (2) financing
requirements or other marketing or distribution factors; (3)
personnel availability; (4) external socioeconomic and political
events; and (5) the release dates of competitive films. Please
refer to Pixar's 2004 Form 10-K, 2005 First Quarter Form 10-Q and
other filings with the Securities and Exchange Commission,
particularly the sections on risks, for important factors that
could cause actual results to differ. Note to Editors: Condensed
Statements of Income and Balance Sheets to follow. Pixar Animation
Studios Condensed Statements of Income (Unaudited, in thousands,
except per share data) Quarter Ended Six Months Ended July 2, July
3, July 2, July 3, 2005 2004 2005 2004 Revenue: Film $ 23,446 $
63,713 $ 181,358 $ 114,805 Software 2,991 2,576 6,323 5,308 Total
revenue 26,437 66,289 187,681 120,113 Cost of revenue: 4,274 6,437
31,731 12,341 Gross profit 22,163 59,852 155,950 107,772 Operating
expenses: Research and development 3,105 4,154 5,929 7,552 Sales
and marketing 752 635 1,514 1,007 General and administrative 3,920
3,017 8,295 6,093 Total operating expenses 7,777 7,806 15,738
14,652 Income from operations 14,386 52,046 140,212 93,120 Interest
income and other 5,783 2,489 10,559 5,385 Income before income
taxes 20,169 54,535 150,771 98,505 Income tax expense 7,467 17,150
56,182 34,378 Net Income $ 12,702 $ 37,385 $ 94,589 $ 64,127 Basic
net income per share $ 0.11 $ 0.33 $ 0.80 $ 0.57 Diluted net income
per share $ 0.10 $ 0.32 $ 0.77 $ 0.55 Shares used in computing
basic net income per share 118,338 112,574 117,833 112,078 Shares
used in computing diluted net income per share 123,537 117,974
123,023 117,594 Pixar Animation Studios Condensed Balance Sheets
(Unaudited, in thousands) July 2, January 1, 2005 2005 ASSETS Cash
and investments $ 901,428 $ 854,784 Receivables, net 149,689 81,962
Prepaid expenses and other assets 3,283 2,227 Deferred income taxes
75,061 70,424 Property and equipment, net 125,863 125,602
Capitalized film production costs, net 147,148 140,038 Total assets
$ 1,402,472 $ 1,275,037 LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities: Accounts payable $ 1,700 $ 5,392 Income taxes payable
13,566 14,077 Other accrued liabilities 16,717 26,971 Unearned
revenue 10,732 8,502 Total liabilities 42,715 54,942 Shareholders'
equity: Common stock 732,995 687,387 Accumulated other
comprehensive loss (2,746) (2,211) Retained earnings 629,508
534,919 Total shareholders' equity 1,359,757 1,220,095 Total
liabilities and shareholders' equity $ 1,402,472 $ 1,275,037
DATASOURCE: Pixar Animation Studios CONTACT: Nils Erdmann, Investor
Relations of Pixar Animation Studios, +1-510-752-3374; or John
Buckley of Brainerd Communicators, +1-212-986-6667, for Pixar
Animation Studios Web site:
http://www.pixar.com/investor/index.html x
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