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International <I>Nemo</I> Sales Help Triple Pixar Q1 Profits

6 May, 2004 By: Erik Gruenwedel

Home video sales and theatrical returns of Finding Nemo in Great Britain, Germany, Italy and Australia helped Pixar Animation Studios more than triple first-quarter net income (ended April 3) to $26.7 million, or 46 cents per diluted, compared to $8.2 million, or 15 cents, for the same period last year.

Video sales of Nemo totaled $40.2 million in the aforementioned countries to help Emeryville, Calif.-based Pixar post first-quarter revenue of $53.8 million compared to $18.6 million during the same period last year.

International sales of Nemo included 66 percent DVD compared to 42 percent DVD for Monsters, Inc.

The studio generated $8.3 million in video revenue from its library, not including $2.4 million in video sales from Monsters, Inc.

The company also generated $2.7 million in software-licensing revenue.

Pixar expects Nemo video sales in Spain, France and Japan to drive second-quarter earnings, reaching 40 million units by the end of the year.

Incremental worldwide theatrical box office first-quarter revenue from Nemo totaled $71 million, according to Pixar CFO Ann Mather, who is retiring and will be replaced May 17 by former Fox Filmed Entertainment CFO Simon Box.

The film has, to date, generated more than $863 million in worldwide theatrical box office revenue.

Pixar's next theatrical release and first PG-rated film, The Incredibles, is scheduled to bow Nov. 5.

Pixar, which earlier this year announced that it would end its 13-year distribution partnership with The Walt Disney Co., said discussions with possible suitors remain in the “getting to know each other stage,” according to CEO Steve Jobs.

He said he would like to have a new distribution agreement in place 18 months prior to the release of the company's first non-Disney-related feature film.

“We have the time to do this right,” Jobs said. “We do not feel any business pressure to conclude a distribution agreement within weeks or months.”

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