Pixar Profits Double Wall St. Expectations
8:25 pm, November 8th, 2005,
Steve Jobs is a money machine. His other company, Pixar, reported profits of $27.4 million on revenues of $45.8 million for the last three months — double Wall Street estimates, according to Reuters.
The windfall was due to strong home video sales of Finding Nemo, as well as lower taxes and “a one-time reduction in expenses.”
In a separate AP report, Jobs said Pixar was “deep in discussions” with Disney, and may strike a partnership by year’s end.
Meanwhile, Pixar has amassed a huge horde of cash, which will likely be used to finance future flicks:
Pixar has said that it would like to own 100 percent of its films in the future. The company has amassed cash of more than $1 billion as it prepares to fully finance its own films.
For the first nine months of the year, Pixar reported net income of $122 million, or 99 cents per share, compared with $86.5 million, or 73 cents per share in the same period last year.
Revenue for the first nine months was $233.5 million compared with $165 million in the same period last year.
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