Pixar (PIXR) results and conf call highlights

Last night, Pixar (PIXR) discussed its 2004 results and other topics, including upcoming films and its relationship with Disney. (Quotes from the CCBN StreetEvents transcript.)

Results 4Q04 vs. 4Q03

• Revenues: $274M vs. $263M in 2003
• Net Income: $142M vs. $125
• EPS: $2.38 vs. $2.17
• 2004 Guidance was: $2.10-$2.20
• Revenue breakdown: Finding Nemo: 55%; The Incredibles: 15%; other films: 25%
• Cash and equivalents: $855M ($14.60 per share)
• Debt: $0
     
• Capitalized film costs: $140M vs. $108
• The Incredibles worldwide revenue to date: $617M ($258M domestic/$359M international)
• 1Q05 Guidance: $0.85-$0.95

On Videogames:

… [THQ is] doing a terrific job….to date they have sold over 7 million units of their Nemo games and over 4 million units of their The Incredibles game….and their game concepts for Cars look great.

On moving to a Summer release window:

…. we made the right decision to move our films to the summer release window.…..with its superior intra-week box office potential…we think Cars is a summer movie ….and that all of our studio's future films will benefit by this move.

On a possible, passive role with Disney:

I don't think we will be having any involvement with them."

On picking a new partner:
"…it is likely we will not forge a new relationship with Disney ….we clearly have slowed down the process of picking a new partner to see how this game of musical chairs will end you know and who the new CEO Disney will be. That could somebody from another studio, which could affect the desirability of another studio in our eyes."

On a possible sequel to Monsters, In. or Finding Nemo:

….we have officially passed on actively participating on the sequels to Monsters, Inc. and Finding Nemo, and Disney does not have the right to use our brand in the marketing of those films."

On recent comments by Michael Eisner:
"….we just kind of wrote that off to Michael being a loose cannon.