Click Below for the CURRENT Downloadable PDF Price!! These services may include audit services, audit-related services, tax services and technical and managerial personnel. February17, 2006that the informal inquiry had been terminated. h277V0P077Q0QM-ILI,IT065&TG0vv l8 endstream endobj 1416 0 obj <>stream YesNo, Indicate by check mark if the Registrant is not required to Ms.Scali is also an accomplished performer, songwriter and recording artist. films. Certain Relationships and Related Transactions, We have engaged the law firm of Ziffren, Brittenham, Branca, Fischer, Gilbert-Lurie, Stiffelman,& Cook LLP (Ziffren) to handle As such, he brings practical knowledge of executive management of complex, worldwide businesses, and extensive experience in a wide range of financial and accounting matters including management of worldwide financial operations, financial oversight, risk management and the alignment of financial and strategic initiatives. Ms.Decker also served as Yahoo!s Senior Vice President, Finance and Administration from June 2000 to January 2002. h23T0P032P0QM-ILI,IT01J&TG0vv endstream endobj 1339 0 obj <>stream thereof, which could have a material adverse effect on our business, financial condition or results of operations. RenderMan. The budgets for Cars and subsequent films and related products are expected to be greater than the budgets for our previous films. The Companys reserves were reduced during the year due to subsequent revisions Our research and development department is responsible for creating and further advancing our distinctive computer animated visual effects, such as the moving fur in Monsters, Inc., While customer acceptance of a film is initially measured by box office success, customer acceptance within each follow-on product The Compensation Committee reviews and approves corporate goals and objectives relevant to the compensation of the Companys Chief Executive Officer, evaluates the performance of the Chief Executive Officer in light of those goals and objectives, and determines and approves the compensation level for the Chief Executive Officer based upon this evaluation. The post-production stage consists of two parallel processes: the picture process and the sound process. In December2004, the Financial Accounting feature films and related products. the provisions of the Private Securities Litigation Reform Act of 1995, particularly statements referencing the scheduled release dates of our feature films, our anticipated revenues and operating expenses, our expectations on DVD penetration and Disney under the Co-Production Agreement. Our films will continue to compete with the feature films of other movie studios for optimal release The 2004 Plan also incorporates an evergreen formula pursuant to which on January1 of each year SFAS 153 is effective for nonmonetary asset exchanges occurring in fiscal periods beginning after June15, 2005. share-based payment arrangements including stock options and employee stock purchase plans. equipment is calculated using the straight-line method over estimated useful lives assigned to each major asset category as below: Leasehold jointly finance all production costs relating to the Pictures on an equal basis, except Ratatouille which is fully financed by the Company. Pursuant to the Distribution Letter Agreement, Ratatouille will be deemed a Picture under and in accordance with the terms of the Co-Production In the sound process, the sound effects and musical score are added and the final sound is mixed. In addition to Mental Images products, Autodesk also markets internally developed competing rendering software products at lower prices than the price at which we offer RenderMan. Changes in operating assets and liabilities: Proceeds from sale of property and equipment, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period. Our investments are primarily fixed rate obligations and carry a certain degree of interest rate risk. Some of our current and potential competitors have longer operating histories, larger installed customer bases and Family-oriented feature films currently expected to be released by major studios in 2006 include The Shaggy Dog, Hoot, Garfield 2, Pirates Pursuant to the Co-Production Agreement, we receive statements and payments of our share of gross receipts monthly Consummation of the Merger is subject to several closing conditions, The loss of the services of any of Messrs. Jobs, Lasseter, Bax, Dr.Catmull, Ms.Scali or of other key employees, especially our Also, in our opinion, Income tax expense of Prior to joining Illumina, Mr. deSouza was President, Products and Services, of Symantec Corporation from 2011 to 2013, and Mr. deSouza served as Symantec's Senior Vice President, Enterprise Security Group, from 2009 to 2011. He has been employed by NIKE since 1979 in a variety of positions with primary responsibilities in product research, design and development, marketing and brand management. On January27, 2006, we extended the Co-Production Agreement by entering into a Distribution Letter Agreement with Disney regarding the distribution of Ratatouille. Further, because we rely mostly on internally developed software, we would not be able to rely upon assistance from third parties in the event that the software fails. Shareholder Litigation. Sciences and the British Academy of Film and Television Arts. operations and financial condition. substantially the same basis as the audited financial statements and, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of operations for such During 2005, Disney increased its return reserves primarily for The Incredibles international and domestic A. Guttmann. Our home video return reserves were in line with Disneys at December31, 2005. Stock. Diluted net income per share is computed using the weighted-average number of common and dilutive potential common shares outstanding during the The chief operating decision-maker is considered to profit from future films. rights of third parties with respect to previously developed films, stories, characters or other entertainment. In fiscal 2005, the value of released in March 2005. Our Chief Executive Officer has divided responsibilities. g; # #) ') #" #) ()' *) $# )' ) . (5)the expansion of our facilities to accommodate the growth of the studio. On January24, 2006, we entered into an Agreement and Plan of Merger (the Merger Agreement) with Disney by which Disney has agreed to acquire Pixar (the Merger). of any revenue derived from each feature film produced under the Co-Production Agreement to Ziffren in consideration for services rendered. to purchase 391,148, 184,006, and 112,355 shares of Common Stock in fiscal years 2003, 2004 and 2005, respectively, were not included in the computation of diluted net income per share because the options exercise prices were greater than the h277U0P077S0QM-ILI,IT065&TG0vv @ endstream endobj 1417 0 obj <>stream The Companys home video return reserves exceeded Disneys estimates by $2.5 million at January1, 2005. Due to production exigencies, which are often Mr.Brittenham has served as a director of Pixar since August exclusive basis, agreed to produce, five original computer-animated feature-length theatrical motion pictures (the Pictures) for distribution by Disney. recognition of an other-than-temporary impairment and requires certain disclosures about unrealized losses that have not been recognized as other-than-temporary impairments. For further details, refer to Managements Discussion and Analysis of Mr.Roth formed Revolution Studios in May 2000 to independently produce and finance films in partnership with Sony Pictures Matters. Under the Co-Production Agreement, all provisions applicable to the original five quarter or quarters. Although none of our employees are represented by a labor distribution costs for Cars, The Incredibles, Finding Nemo, and the titles in our film library, (2)the timing, accuracy, and sufficiency of information we receive from Disney to determine revenues and associated gross profits, See Business Technology and Business Competition.. A lack of his availability may adversely impact the success and timing of our future films. be without merit and intends to vigorously defend against the action. All theatrical revenues in the first quarter of fiscal 2005. of taxable income during the periods in which temporary differences become deductible. h2466P0PKIHMwI-LN rwR046b#stP,@ We used existing cash resources to fund these facility-related costs. promotional support of the feature films and related products as well as the associated promotional and marketing budgets. If estimated remaining gross internal computer animation capability, which may be used for special effects in animated films and live action films in addition to creating CGI-animated feature films. In making this assessment, (3) with respect From 2001 to 2005, Ms. Lagomasino was Chairman and Chief Executive Officer of JPMorgan Private Bank, a division of JPMorgan Chase & Co., a global financial services firm. h27T0P072P0QM-ILI,IT021&TG0vv o/ endstream endobj 1389 0 obj <>stream h273T0P073R0QM-ILI,IT06 &TG0vv n5 endstream endobj 1410 0 obj <>stream Business Technology.. Upon receipt of this letter, it is very important that you immediately communicate with our stock transfer agent (Computershare Investor Services), in order to re-establish contact between you and Disney, update the status of your account, and stop the transfer of your assets to the state. Opinion No. He currently serves on the boards of the 9/11 Memorial & Museum, Bloomberg Philanthropies, Perfect Day and Genies; and served as chairman of the capital campaign for the new Academy Museum of Motion Pictures in Los Angeles. rate due to a number of factors, including the tax benefit associated with certain income earned outside the U.S., a tax deduction related to income attributable to domestic production activities, and certain tax-exempt investment income. h05U0P05S0QM-ILI,IT054&TG0vv : endstream endobj 1456 0 obj <>stream on an exclusive basis, agreed to produce five original computer-animated feature-length theatrical motion pictures (the Pictures) for Software Publishers. net income per share as if compensation cost had been recognized based upon the fair value-based method at the date of grant of options awarded. including Disney (as somewhat limited by the Co-Production Agreement), DreamWorks Animation SKG, Inc. (DreamWorks), Warner Bros. Entertainment (Warner Bros.), Sony Pictures Entertainment (Sony), Fox Entertainment Unless otherwise indicated in the. animation among feature-length animated films, and the number of CGI-animated films released has been increasing significantly. Further, in normalization, such as with merchandise or home video expenses, in accordance with the provisions of SOP 00-2. In 2003, our income tax rate approximated U.S. Federal and California State statutory In addition, as additional entrants emerge in Some of the other movie studios with which we compete have significantly greater financial, Pursuant to the Co-Production Agreement, we will continue to co-finance adequate facilities and other resources for them. Because of our relationship with Disney under the Co-Production Agreement, Disney is expected to represent In the rendering phase, the renderer takes the data for the models, layout, animation, shaders and lights, and for each frame in the sequence, computes a two-dimensional image of what years in which those temporary differences are expected to be recovered or settled. Overview. As the first fully family-oriented films may continue to compete with The Incredibles and Finding Nemo, and the rest of our film library, with respect to related television, merchandise, and other future revenue sources. Disney relating to home video expenses, which decreased previously recorded home video expenses by $3.2 million for all of our film titles on a cumulative basis. %PDF-1.6 % distribution costs include worldwide theatrical release costs, costs related to marketing and distribution of home videos in the United States and international markets, costs related to merchandise, and other distribution costs including third In 1992, the Company adopted a 401(k) Profit Sharing Plan (the 401(k) Plan) that is intended to qualify under Section401(k) of the films within certain release windows from our films, including Ratatouille pursuant to the Distribution Letter Agreement, it is likely that other family-oriented motion pictures distributed by Disney or its affiliates will overlap in the 25 (APB 25), Accounting for Stock Issued to Employees. SFAS 123R requires the measurement of all share-based payments to employees, including grants of employee stock options, using a fair-value-based method These revisions reduced the Companys reserves by $33.9 million, of which approximately $8.1 million and $15.6 million increased the Companys revenues for reversals Distribution Letter Agreement, Ratatouille will be deemed a Picture under and in accordance with the terms of the Co-Production Agreement, subject to certain exceptions described below. h20V0P00Q0QM-ILI,IT047&TG0vv h8 endstream endobj 1371 0 obj <>stream included in the budgets for the Pictures under the Co-Production Agreement, and we share such costs equally with Disney under the Co-Production Agreement (except with respect to Ratatouille). detail of each frame required to condense emotional information into actions that are believable on the screen. addition, our technology and software may be subject to patent, copyright or other intellectual property claims of third parties. Mr.Levy served as Secretary of Pixar from October 1995 to March 1999. The AJCA replaced the ETI exclusion with a deduction for qualifying domestic manufacturing activities, which is phased-in beginning in 2005. Item9. h24T0P04R0QM-ILI,IT0 &TG0vv = endstream endobj 1375 0 obj <>stream htR]o +H$V:ks &Elj=\"HD!#p0P h_MWum&;k\C[h#$0nC"A _,S00'c%8p-D !w5:^UN^_[eq\w]hDpau. Report Builder Keyword Analysis Movie Comparisons Search. Prior to that time he founded or worked in a variety of other technology businesses. use internally and license to third parties. in accounting from Merrimack College and is a certified public c/o Pixar 1200 Park Avenue, Emeryville, CA 94608, 865 South Figueroa St., Los Angeles, CA 90017, All directors and executive officers as a group (11 persons)(13), Based on 120,429,073 shares outstanding on February15, 2006. periods (in thousands, except per share data). Disney Financial Statements and Financial Ratios Analysis undivided 50/50 basis, subject to our ownership rights in the technology and excluding any intellectual property rights previously owned by us or Disney. for inclusion as a bonus feature in our DVD releases in addition to including on the DVD the short films that accompanied the theatrical release of our feature films. Cars is being produced and distributed under the Co-Production Agreement and will count as the fifth of the Pictures to be produced under the Co-Production Agreement. additional equity or convertible debt securities would result in additional dilution to our shareholders. Agreement will be distributed through all of these outlets. Disney, however, is not similarly as DVD, Blu-ray and electronic home video license). On October21, 2005, a putative shareholder class action lawsuit was filed against the Company products are incurred well in advance of the release of such films and products, and we experience a delay in the receipt of proceeds from such films and products until after Disney recovers such costs. Our operations are vulnerable to interruption by fire, earthquake, power loss, telecommunications failure and other events beyond our control. We are also dependent on Disney for receiving h23T0P037P0QM-ILI,IT041&TG0vv "6 endstream endobj 1364 0 obj <>stream Disney has the exclusive distribution and exploitation rights with respect to the Pictures, Managements Discussion and Analysis of Financial Condition and Results of Operations, This section and other parts of this Form 10-K contain forward-looking statements that involve risks and uncertainties.
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