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Pixar first-quarter profit down in lull before ‘Finding Nemo’

Pixar, the animation studio headed by Apple CEO Steve Jobs, today posted a drop in quarterly profit but still beat Wall Street expectations in the lull between the DVD release of “Monsters, Inc.” and this month’s theatrical release of “Finding Nemo.” For its fiscal first quarter ended March 29, Pixar posted a first-quarter profit of US$8.2 million, or 15 cents per share, compared with $15.6 million, or 30 cents per diluted share, in the year-ago quarter. Revenue was $18.7 million, compared with last year’s $37.1 million. Analysts were expecting earnings of 11 cents per share for the quarter. “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,” said Jobs. “Finding Nemo, our studio’s fifth feature film, tells an exciting, funny and emotional story, and is the most visually stunning animated film ever produced.”

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