According to posted financial results for its fiscal first quarter ended March 29, Pixar Animation Studios’ profits are down by more than $7 million compared to the same quarter last year. The computer animation studio reported earnings of $8.2 million or $0.15 per diluted share. Revenues for the quarter totaled $18.7 million, compared to $37.1 million in the previous year.
Accounting for the difference is the lack of a major film release. Profits for the prior-year period were driven by international box office receipts from Monsters, Inc. Domestic pay television licensing for the film, as well as worldwide home video sales from Pixar’s library, carried over to put film revenues for the first quarter at $16.4 million.
In a release, Pixar CEO Steve Jobs comments, “We are very pleased with our performance in the first quarter, and we’re on the edge of our seats for the release of Finding Nemo in 23 days.”
Finding Nemo has generated a lot of positive buzz going into its May 30 release and should prove to be another strong money maker for both Pixar and Disney. Go behind-the-scenes and learn about the making of the underwater adventure in the May issue of Animation Magazine.