Reuters reports that Pixar Animation Studios announced better than expected first-quarter results yesterday.
The profits were boosted by the success of hit movie Toy Story 2, which included popular characters such as Buzz Lightyear (left). The company made $26.3 million net profit, or 53 cents a share - like Apple, this was in excess of analysts expectations.
Pixar is Apple’s Steve Jobs’ other important company. Reuters reports that Joe Roth, formerly of Walt Disney has now joined Pixar’s board of directors. Roth recently resigned as chairman of Walt Disney Studios, while there he was involved in Toy Story, A Bug’s Life and Toy Story 2, with Pixar and Disney sharing both the profits and the costs of the films.
Steve Jobs said: "Our strong first quarter results reflect Toy Story 2’s incredible box office success around the world." Toy Story 2 has generated $244 million in ticket sales in the US and $479 million worldwide, the movie will be released on video later this year.
Pixar’s next movie is not expected to open until 2001.