Though revs fell, film generated $14.7 mil
HOLLYWOOD — Pixar Animation Studios reported a 10% boost in second-quarter profits as the company behind the “Toy Story” pics begins promoting its fourth computer-animated feature, “Monsters, Inc.” which bows Nov. 2.
Based in Emeryville, Calif., Pixar posted profits of $8.8 million for the three-month period ended June 30. The boost came even though overall revenues fell to $16.7 million, down from $18.3 million during the previous year.
Company, whose films are distribbed by Disney, said it generated $14.7 million from film revenues during the quarter, which included the U.S. television licensing of “A Bug’s Life” to ABC. Pixar said this marked the first time a Pixar animated film was sold to network television for multiple viewings during an extended licensing period.
Pixar CEO Steve Jobs called the ABC deal “an important new revenue stream (that) enhances the evergreen value of our film library.”
Shares of Pixar closed down 6¢ to $40.30.