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Pixar Announces Financial Results for Second Quarter of 1996.

POINT RICHMOND, Calif.--(BUSINESS WIRE)--July 25, 1996--Pixar Animation Studios (NASDAQ:PIXR) today announced financial results for the second quarter and for the six months ended June 30, 1996.

Revenues for the second quarter were $7.9 million, net income was $4.8 million and earnings per share were $0.10. Revenues for the second quarter of 1995, which included a one-time patent license fee of $6.5 million, were $8.0 million, net income was $5.1 million and earnings per share were $0.13. Financial results for the first quarter of 1996 also included a one-time patent license fee of $6.5 million. The second quarter financial results included significant revenues from the November 1995 theatrical release of Pixar's first computer-animated feature film, Toy Story. Pixar also recognized revenues from the April 1996 release of its first CD-ROM, Disney's Animated StoryBook, Toy Story.

For the six months ended June 30, 1996, revenues were $16.2 million compared with $9.5 million for the six months ended June 30, 1995. Net income was $11.1 million compared with $4.5 million for the six months ended June 30, 1995. Earnings per share were $0.24 compared with $0.11 for the six months ended June 30, 1995.

Pixar, founded in 1986, is an Academy Award-winning computer animation studio creating a new generation of animated feature films, CD-ROM titles, television commercials and other animated products. Pixar animation combines the creativity of some of the world's leading animators and story writers with an entirely new, three-dimensional animated look. Pixar's first movie, Toy Story, was released by The Walt Disney Company in November 1995, and is the world's first computer-animated feature film. It had the highest domestic box office revenues of any film released in 1995. Pixar is located in Point Richmond, Calif., and employs approximately 225 people. Further information may be obtained from the company's SEC filings or by contacting the company directly. Pixar's stock is traded on the Nasdaq National Market under the symbol PIXR. -0-
Pixar Animation Studios
Condensed Statements of Operations
(in thousands, except per share data)


 Three Months Ended Six Months Ended
 June 30, June 30,
 (Unaudited) (Unaudited)
 1996 1995 1996 1995
Revenues:
 Software $ 1,734 $ 910 $ 2,645 $ 1,892
 Commercials 799 575 1,584 1,105
 Film 5,000 -- 5,076 --
 Technology licensing 396 6,500 6,891 6,500
 Total revenues 7,929 7,985 16,196 9,497


Cost of revenues:
 Software 7 141 61 389
 Commercials 785 277 1,501 662
 Film 414 -- 423 --
 Total cost of revenues 1,206 418 1,985 1,051


 Gross margin 6,723 7,567 14,211 8,446


Operating expenses:
 Research and development 1,592 998 2,715 1,731
 Sales and marketing 614 409 1,061 945
 General and administrative 1,396 770 2,574 1,017
 Total operating expenses 3,602 2,177 6,350 3,693


Income from operations 3,121 5,390 7,861 4,753


Other income (expense), net 1,922 (38) 3,790 (74)
 Income before income taxes 5,043 5,352 11,651 4,679


Income taxes 253 229 582 229
 Net income $ 4,790 $ 5,123 $ 11,069 $ 4,450


Net income per share (1) $ 0.10 $ 0.13 $ 0.24 $ 0.11


Shares used in computing
 net income per share (1) 47,002 39,671 47,028 39,669


 (1) Income per share and share data for the three and six-month
periods ended June 30, 1995 represent pro forma amounts.


Pixar Animation Studios
Condensed Balance Sheets
(in thousands)
 June 30, December 31,
 1996 1995
 (unaudited) (audited)
ASSETS
Current assets:
 Cash and short-term investments $ 146,762 $ 144,288
 Accounts receivable, net 282 784
 Other receivables 5,856 1,969
 Capitalized film production costs,
 current 1,428 1,446
 Other current assets 454 309
 Total current assets 154,782 148,796


Property and equipment, net 2,468 1,552


Capitalized film production costs,
 long term 1,267 2,170
 Other assets 871 497


 Total assets $ 159,388 $ 153,015


 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Note and interest payable to
 shareholder, current $ -- $ 2,373
 Accounts payable 424 742
 Income taxes payable 295 --
 Accrued and other liabilities 3,441 3,400
 Film production costs payable -- 3,324
 Unearned revenue 635 269
 Total current liabilities 4,795 10,108




 Shareholders' equity:
 Common stock 185,881 185,845
 Other (1,631) (2,212)
 Accumulated deficit (29,657) (40,726)
 Total shareholders' equity 154,593 142,907
 Total liabilities and shareholders'
 equity $ 159,388 $ 153,015


CONTACT: Pixar Animation Studios

Lawrence Levy, 510/412-3620

or

Stapleton Communications Inc.

Deborah Stapleton or Anna Yen, 415/988-9207
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 
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Publication:Business Wire
Date:Jul 25, 1996
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