Monsters Muscle Pixar Profits8 May, 2002 By: Hive News
Pixar Animation Studios today reported higher than expected earnings for the first quarter ended March 30 and raised guidance for the year on the strength of Monsters, Inc.
“2002 is coming in a bit stronger than we planned, with Monsters, Inc. crossing the $500 million mark at the worldwide box office to become the second-highest grossing animated film of all time," said Steve Jobs, Pixar's CEO. "We're looking forward to releasing the Monsters, Inc. home video in September, and we're hard at work on our last three films under our current Disney deal.”
For the first quarter, Pixar earned $15.6 million or $0.30 per diluted share. The results compare to earnings of $8.3 million, or $0.16 per diluted share, in the same quarter a year ago. Revenues for the quarter were $37.1 million, compared to $16.2 million in the year-ago quarter. Pixar is raising projections for 2002 earnings per share from the previous range of $1 to $1.20, to a new range of $1.15 to $1.25.
Film revenues for the first quarter were $34.4 million , primarily derived from worldwide box office receipts from Monsters, Inc. ($514 million), versus the year-ago-period, in which worldwide home video sales, merchandise revenues and ancillary royalties from Pixar's film library were the prime movers.