Pixar "Firing on all Cylinders" And Post Higher Than Expected Profits

Apple may be feeling a bit blue these days but Pixar is certainly in the pink. Pixar announced on Thursday (Aug. 8, 2002) that earnings for the second quarter of 2002 are stronger than expected. From the Pixar press release:

Pixar Animation Studios (Nasdaq: PIXR) today announced financial results for its fiscal second quarter ended June 29, 2002. For the quarter, Pixar earned $10.4 million or $0.20 per diluted share. These results compare to earnings of $8.8 million, or $0.17 per diluted share, achieved in the year-ago quarter. Revenues for the quarter were $22.8 million, as compared to $16.7 million in the year-ago quarter. Pixar also announced that it is raising projections for 2002 EPS from the previous range of $1.15 to $1.25, to a new range of $1.25 to $1.35.

Revenues for the six months ended June 29, 2002 were $59.9 million, compared to $32.8 million for the six months ended June 30, 2001. Earnings for this yearis six-month period were $26.1 million, compared to $17.0 million for the prior yearis six months. Diluted earnings per share were $0.50 as compared to $0.33 for the respective six-month periods.

"Pixar is firing on all cylinders," said Pixar CEO Steve Jobs. "Our results this quarter reflect the outstanding performance of Monsters, Inc., which is poised to continue with its domestic home video release next month, and earnings from our growing film library, which continues to outperform our expectations."

Stop by Pixar for more information on the announced financial results.