Pixar Profits Drop in Latest Quarter
Pixar Animation Studios earned $55.2 million in the fourth quarter of 2004, down from $83.9 million in the same period in 2003, Reuters reports. Revenues fell to $108.9 million from $164.8 million. The company said results were hurt by comparisons to a quarter which saw the DVD release of Finding Nemo. The company still managed to beat analyst expectations, however.
In a conference call with investors, Pixar CEO Steven Jobs said that the company is suspending its search for a new distributor until Walt Disney Co. names a new chairman and CEO to replace the retiring Michael Eisner, though Jobs indicated doubts that Pixar would re-up with Disney. He also said that Pixar would not participate in or allow its brand to be used in marketing sequels to its earlier films. Disney has recently said it would exercise its right to make sequels to Toy Story and other Pixar-produced films.