Movie animator Pixar said Thursday its first-quarter profit fell 69% as revenue dropped from its last film and homevid title, “Toy Story 2.”
The Emeryville, Calif. still outpaced analysts’ expectations in reporting $8.3 million in net income in the latest quarter. That compared with a profit of $26.4 million in the same period last year.
Revenue fell 74% to $16.2 million.
$14.2 million in film-related revenue — down 76% from the year-earlier period — came from homevideo, merchandising and interactive sales and various library fees. There was no theatrical revenue in the period.
Another $2 million in revenue — down 26% from a year earlier — came from licensing fees from the Renderman image-rendering product and other Pixar-developed software, which the company licenses commercially.
Pixar chief Steve Jobs said highlights of the latest quarter included re-upping the company’s top creative talent, John Lasseter, to a new 10-year contract. It’s next pic, “Monsters, Inc.” (another co-prod with Disney), is set for a Nov. 2 release.
The original “Toy Story” was released in 1995, followed by “A Bug’s Life” in 1998. “Toy Story 2,” originally planned as a direct-to-video title but upgraded to a theatrical release, opened in November 1999.
Jobs has said Pixar aims to ramp up eventually to production of about one movie each year.