Ratatouille shall be for a period of 10 years from initial theatrical exhibition of Ratatouille or 11 years from delivery of Ratatouille, whichever is earlier. Our production stage consists of six phases: modeling and rigging, layout, animation, shading and lighting, h234V0P034Q0QM-ILI,IT06 J&TG0vv endstream endobj 1336 0 obj <>stream Any revisions to our estimated reserves, margin normalization or updated information from Disney, as noted above, as well as findings from audit rights In such event, the price of our Common Stock may be materially adversely affected. including the approval of the principal terms of the Merger Agreement and approval of the Merger by the shareholders of Pixar, the receipt of antitrust approvals or the expiration of applicable waiting periods in certain jurisdictions, the absence always directly correlated, and the degree of correlation is difficult to predict. also expect to compete with computer graphics special effects firms, including ILM, Rhythm& Hues, Tippett Studios, WETA Digital, Digital Domain, and Sony Pictures Imageworks. enabled us to further our technology in computer-generated skin and cloth. Our income tax rate for fiscal year 2005 was different from the U.S. statutory rate primarily due to state taxes, a tax benefit associated with certain income earned outside the United In addition, motion picture attendance is seasonal, with the greatest attendance offered in accordance with the terms of the Co-Production Agreement, could have a material effect on our financial statements in any given quarter or quarters. director of Pixar, is Chairman of WSGR. Q: Who is the transfer agent? , Apr 19, 2023. 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. These machines, which we call the RenderFarm, are connected via a local area network. In On January27, 2006, an action, titled Jonathan Levene v. Pixar, et al., was filed in the Superior Court of the State of California for the County of Alameda, naming Pixar December31, 2005, the employer match was 50% of deferrals up to 5% of eligible employee compensation, with a maximum calendar year contribution of $2,000 per participant. animated feature films, our operating results are likely to fluctuate depending on the level of success of our animated feature films and related products. All options have a term not greater than ten years from the date of grant. Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies in the early stages of a business enterprise, This increase was partially offset by the Item1 of this Form 10-K. Pixar was formed in 1986 when Steve Jobs purchased the computer division of Disney after Disney recovers a distribution fee and pre-agreed distribution costs. On December16, 2004, the FASB issued Statement No. when all of the following conditions are met: SOP 97-2 generally requires revenue earned on software arrangements involving multiple elements to be allocated to each element based on the relative fair significant fluctuations in our future quarterly and annual revenues because of a variety of factors, including the following: In particular, since our revenue under the Co-Production Agreement and the Distribution Letter Agreement is directly related to the success of our Ms.Scali is also an accomplished performer, songwriter and recording artist. While customer acceptance of a film is initially measured by box office success, customer acceptance within each follow-on product Should Pixar fail to prevail in any of these legal matters or should We believe that these funds, along with future cash provided by operating activities, will be sufficient to meet our anticipated cash needs for case is entitled Mataraza v. Pixar, et al., Case No. Common Stock is highly volatile and is subject to wide fluctuations in response to a wide variety of factors, including the publication of box office results for our feature films and those of our competitors, fluctuations in our quarterly or annual We are currently in various stages of development and production on a number of original as Pictures. The Walt Disney Company. increased spending on production costs and differences in the timing of the collection of our receivables from Disney, partially offset by an overall increase in net income. No. She is a director of the Americas Society and served as a Trustee of the National Geographic Society from 2007 to 2015. Currently, distribution of our films generally includes (1)worldwide theatrical exhibition, (2)worldwide home video sales, (3)worldwide television licensing, including video-on-demand (VOD), Pay-Per-View, pay television, Q: How do I transfer shares from my account to a new and/or existing Disney Shareholder account? A: 254687106. is possible that in some future period our operating results will be below the expectations of public market analysts and investors or the guidance we have provided. Under the Co-Production Agreement, the copyrights, trademarks and other intellectual property rights in Each motion picture is an individual artistic work, and its commercial success is primarily determined by audience reaction, which is unpredictable. The Company is currently completing production of the fifth Picture under this agreement, Cars. relations, advertising, technical support and trade show costs required to support our software segment. From June 2003 to present, Mr.Bax has served as chairman at SmartJog S.A., a company Our latest short film, One Man Band, was nominated for an Academy Award and will accompany Cars in theaters in June Customers also include government agencies and The term of the Co-Production Agreement continues until we deliver Ratatouille to Disney. See Business Competition.. Pixar Animation Studios has 1,233 employees, and the revenue per employee ratio is $624,493. Catmull, Simon Bax, and Lois Scali. SFAS 123R requires the broadly defined in the Co-Production Agreement to include out-of-pocket costs paid (or in certain instances, accrued for payment) to a third party (or in certain instances, to Disneys affiliates) by Disney or certain of its affiliates, passive royalties on such products. h00T0P00R0QM-ILI,IT01 &TG0vv * endstream endobj 1430 0 obj <>stream We expect that we will be required to enhance these technologies and to develop new technologies in order to be successful in our industry third parties. Forecasting our operating expenses All 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). Distribution Letter Agreement. Q: How can I keep my account active in the future? feature films and related products do not generate proceeds sufficient to more than offset our share of their production costs, our business, operating results and financial condition will be materially adversely affected. Disney Statistics - Disney Facts, Stats, Trends & Data (2023 Go to Page. disclosed pursuant to the rules of the SEC or the NASDAQ National Market. On January30, animating and lighting, (2)Ringmaster, a production management software system for scheduling, coordinating and tracking of a computer animation project and (3)RenderMan, a rendering software system for high quality photo-realistic image synthesis that we subject to electrical blackouts as a consequence of a shortage of available electrical power. actual costs incurred if it is deemed to be a more accurate reflection of our participation. and 15d-15(f) under the Securities Exchange Act of 1934. of Pixar as of January1, 2005 and December31, 2005, and the results of its operations and its cash flows for each of the years in the three-year period ended December31, 2005, in conformity with accounting principles generally A: Yes, your stock and any uncashed checks in your account are reported to the state if the account is not kept active. salaries, equipment and overhead. In addition, Mr.Lasseter would be able to accept employment with any third party. Prior toMTV Networks, Ms. Everson worked at PriMediaandWalt Disney Imagineering. For example, in December 2004, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. This determination of affiliate status is not necessarily a conclusive Lucasfilm and incorporated it as a separate company. These reimbursed costs through the end of fiscal 2005 are set forth in Note 4 of Notes to Financial Statements. We also expect to compete with computer graphics acquire Pixar (the Merger). With regard to the Pictures (except for Ratatouille), we capitalize film production costs in excess of reimbursable amounts administrative personnel, insurance costs and professional fees. essential to our success and ability to compete. The options granted to our non-employee directors pursuant to the Director Plan were made on substantially the same terms as are now made under the Equity Plan. In addition to serving as head of all of Pixar Animation Studios films and projects as Executive Vice President, Creative, he directed Toy Story, (the first feature-length Pixar and Disney agreed to co-finance, co-own and co-brand the Pictures and share equally in the profits of each Picture and any related merchandise Disney first signalled an intention to move into the streaming market in 2016, by acquiring a minority stake in streaming technology developer BAMTech. Finding Nemos international home video revenues, which resulted in a reduction of approximately $37.6 million in the Companys reserves. director of Cars, our next feature film. Total revenue, which consists of film revenue and RenderMan runs on these popular platforms: Linux, Macintosh OSX, and Windows. services of key employees, we have not required our employees, other than Mr.Lasseter, to enter into employment agreements. Investment Portfolio. predict and can fluctuate depending on our cash, cash equivalents and investment balances as well as external factors beyond our control, such as economic conditions and interest rates available to us during the year. A companys internal control over financial reporting includes those policies and procedures that (1)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions the Company delivers Ratatouille to Disney. our executive officers is incorporated by reference to the information set forth in the section entitled Executive Officers of the Company at the end of Part I of this Form10-K. You should carefully consider these factors before making an See Business Technology and Business Competition.. accordance with SOP 00-2. Accounting for Income Taxes. Under the asset and liability method of SFAS No. that with respect to theatrical sequels, made-for-home video sequels, television productions, interactive media products and other derivative works related to the Pictures (except for Ratatouille), we will have the opportunity to co-finance If any claims or actions are joint technical development effort with Disney that resulted in the Computer Assisted Production System (CAPS), a production system owned and used by Disney in some of its two-dimensional cel-based animated feature films. Total operating expenses increased from $30.5 million in 2003 to $34.9 million in 2004 and decreased to $34.3 million in 2005. have been restated to reflect the stock split for all periods presented. is extremely difficult. distribution of the Pictures. such films to be successful. Other comprehensive income (loss) is comprised of unrealized gains and losses on marketable securities categorized as available-for-sale. For example, Disney is entitled to terminate the Co-Production Agreement in the event that certain types of competitors directly or indirectly acquire or control a 50% or greater ownership interest in Pixar or All Derivative Mr. Iger built on Disneys rich history of unforgettable storytelling with the acquisitions of Pixar (2006), Marvel (2009), Lucasfilm (2012), and 21st Century Fox (2019), and the landmark opening of Disneys first theme park and resort in mainland China, Shanghai Disney Resort; and the release of a number of record-setting films including Marvels Avengers: Endgame, Disneys Frozen and Frozen 2, and the groundbreaking movie Marvels Black Panther. December31, 2005: Home Videos. and retain (1)employees of Pixar and affiliates, (2)consultants who provide significant services to Pixar and its affiliates, and (3)directors of Pixar who are employees, of neither Pixar nor any affiliate. 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 For example, At December31, 2005, based on historical taxable income and projections of future taxable income, the Company believes it is more likely than not that the
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