Nemo Helps Pixar Triple Profits

Pixar Animation Studios announced results for its fiscal first quarter ended April 3, 2004, reporting that profits have tripled over last year. Pixar earned $26.7 million or $0.46 per diluted share, compared to $8.2 million or $0.15 in the year-ago quarter. Revenues for the quarter total $53.8 million, as compared to last year’s $18.7 million.

“Pixar is off to a strong start in 2004 with Finding Nemo‘s worldwide home video sales already surpassing Monsters, Inc.” says Pixar CEO Steve Jobs. “We are close to finishing our next film, The Incredibles, due out this November, and it’s looking just like it sounds–incredible.”

Pixar films have earned $2.6 billion at the box office worldwide. Finding Nemo took in more than $339 million domestically to become 2003’s top grossing film, surpassing The Lion King as highest-grossing animated feature of all time. After the Nov. 5 debut of The Incredibles, the studio will release Cars (holiday 2005), its last remaining project under its dissolved relationship with Disney.