8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

February 10, 2005

Date of Report (Date of earliest event Reported):

Pixar

(Exact Name of Registrant as Specified in its Charter)

California	0-26976	68-0086179
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

1200 Park Avenue

Emeryville, CA 94608

(510) 752-3000

(Addresses, including zip code, and telephone number, including area code, of principal executive offices)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On February 10, 2005, the Registrant reported its results of operations for its fiscal fourth quarter and year ended January 1, 2005. A copy of the press release issued by the Registrant concerning the foregoing results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits.

Exhibit Number	Description
99.1	Press release, dated February 10, 2005, entitled “Pixar Reports Record Results for 2004”

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Pixar
DATE: February 10, 2005	By:	/s/ SIMON T. BAX
		Simon T. Bax
		Executive Vice President and Chief Financial Officer

INDEX TO EXHIBITS

Exhibit Number	Description
99.1	Press release, dated February 10, 2005, entitled “Pixar Reports Record Results for 2004”

EX-99.1

Exhibit 99.1

Press Release	For More Information Contact:
For Immediate Release	Nils Erdmann	Investor Relations
		Pixar Animation Studios
		(510) 752-3374
	John Buckley	Brainerd Communicators
		(212) 986-6667

Pixar Reports Record Results for 2004

EMERYVILLE, CA - (February 10, 2005) Pixar Animation Studios (Nasdaq: PIXR) today announced financial results for its fourth quarter and fiscal year ended January 1, 2005. For the year, Pixar earned $141.7 million, or $2.38 per fully diluted share, on revenues of $273.5 million. This compares to earnings of $124.8 million, or $2.17 per fully diluted share, on revenues of $262.5 million for the year ended January 3, 2004.

For the quarter, Pixar earned $55.2 million, or $0.91 per fully diluted share, on revenues of $108.9 million. This compares to earnings of $83.9 million, or $1.44 per fully diluted share on revenues of $164.8 million, achieved in the fourth quarter of 2003.

“The stellar box office performance of The Incredibles, combined with the continuing success of Finding Nemo on home video, has resulted in our most profitable year to date,” said Pixar CEO Steve Jobs. “Looking ahead, The Incredibles’ DVD will be the one to own when it hits shelves on March 15.”

The company will discuss its fourth quarter and fiscal year 2004 earnings results during the conference call to be held today, Thursday, February 10, 2005, at 5:00 p.m. EST, 2:00 p.m. PST. The call, hosted by Pixar’s Chairman and Chief Executive Officer, Steve Jobs, and Executive Vice President and Chief Financial Officer, Simon Bax, can be accessed by dialing 800-553-5275 (U.S.) or 612-332-0725 (Int’l) approximately 10 minutes prior to the start time. A replay of the call will be provided through Monday, February 14, 2005 until midnight EST. To access the replay, please call 800-475-6701 (U.S.) or 320-365-3844 (Int’l) and reference the reservation code: 765599.

Pixar also will provide live audio streaming of its fourth quarter and full year 2004 results conference call. The webcast will be accessible through Pixar’s web site at http://www.pixar.com/investor/index.html.

About Pixar Animation Studios

Pixar Animation Studios (Nasdaq: PIXR, http://www.pixar.com) combines creative and technical artistry to create original stories in the medium of computer animation. Pixar has created six of the most successful and beloved animated films of all time: Toy Story, A Bug’s Life, Toy Story 2, Monsters, Inc., Finding Nemo and The Incredibles. Pixar has won 16 Academy Awards^® and its six films have grossed more than $3.2 billion at the worldwide box office to date. The Northern California studio will release its next film, Cars, on June 9, 2006.

This release contains forward-looking information regarding Pixar’s targeted release date for Pixar’s next film and actual results may differ materially. Factors that could cause delays in the release of the film include, but are not limited to: (1) the uncertainties related to production delays; (2) financing requirements or other marketing or distribution factors; (3) personnel availability; (4) external socioeconomic and political events; and (5) the release dates of competitive films. Please refer to Pixar’s 2003 Form 10-K and 2004 Third Quarter Form 10-Q, particularly the sections on risks, for important factors that could cause actual results to differ.

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Pixar Animation Studios

Condensed Statements of Income

(Unaudited, in thousands, except per share data)

	Three Months Ended				Twelve Months Ended
	January 1, 2005		January 3, 2004		January 1, 2005		January 3, 2004
Revenue:
Film	$	105,610	$	161,345	$	260,831	$	250,383
Software		3,286		3,437		12,641		12,115
Total revenue		108,896		164,782		273,472		262,498
Cost of revenue		13,336		23,014		29,881		38,058
Gross profit		95,560		141,768		243,591		224,440
Operating expenses:
Research and development		5,601		3,325		17,371		15,311
Sales and marketing		740		653		2,484		2,422
General and administrative		5,094		2,839		15,015		12,783
Total operating expenses		11,435		6,817		34,870		30,516
Income from operations		84,125		134,951		208,721		193,924
Other income, net		3,946		1,895		12,419		10,517
Income before income taxes		88,071		136,846		221,140		204,441
Income tax expense		32,897		52,973		79,418		79,673
Net income	$	55,174	$	83,873	$	141,722	$	124,768
Basic net income per share	$	0.95	$	1.52	$	2.50	$	2.30
Diluted net income per share	$	0.91	$	1.44	$	2.38	$	2.17
Shares used in computing basic net income per share		58,061		55,338		56,760		54,219
Shares used in computing diluted net income per share		60,746		58,442		59,545		57,422

Pixar Animation Studios

Condensed Balance Sheets

(Unaudited, in thousands)

	January 1, 2005			January 3, 2004
ASSETS
Cash and investments	$	854,784		$	521,923
Receivables, net		81,962			204,897
Prepaid expenses and other assets		2,227			1,047
Deferred income taxes		70,424			51,496
Property and equipment, net		125,602			115,026
Capitalized film production costs		140,038			107,667
Total assets	$	1,275,037		$	1,002,056
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable	$	5,392		$	1,803
Accrued liabilities		26,971			13,007
Income taxes payable		14,077			37,595
Unearned revenue		8,502			9,141
Total liabilities		54,942			61,546
Shareholders’ equity:
Common stock		687,387			546,999
Accumulated other comprehensive income (loss)		(2,211	)		314
Retained earnings		534,919			393,197
Total shareholders’ equity		1,220,095			940,510
Total liabilities and shareholders’ equity	$	1,275,037		$	1,002,056