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Pixar President Sells 50,000 Shares Worth $3.3 Million

Edwin Catmull benefits from the success of 'Nemo,' which has pushed the price higher.

August 19, 2003|From Times Staff and Wire Reports

Edwin Catmull, president and co-founder of Pixar Animation Studios, sold company stock for more than $3.3 million last week, according to a regulatory filing.

Pixar saw great success this year with the computer-animated "Finding Nemo," the top-grossing animated film in the U.S. and Canada.

Catmull reported the sale of 50,000 Pixar shares in a filing with the Securities and Exchange Commission. He sold the shares at $66.86 each on Thursday, the filing said.

Shares of Pixar, based in Emeryville, Calif., have risen 21% since "Finding Nemo" opened in theaters May 30. The movie, an undersea adventure created by Pixar and financed and distributed by Walt Disney Co., had receipts of $313.1 million by July 28, edging the $312.9 million earned by Disney's 1994 "The Lion King."

Catmull, a computer graphics and software guru, obtained 25,000 of his shares through the exercise of company stock options that entitled him to buy the shares at $26.50 each. A trust controlled by Catmull sold another 25,000 shares, said a Pixar spokesman.

For The Record
Los Angeles Times Thursday August 21, 2003 Home Edition Main News Part A Page 2 National Desk 2 inches; 75 words Type of Material: Correction
Pixar shares -- An article in Tuesday's Business section about the sale of 50,000 shares by Pixar Animation Studios' president reported that the film "Finding Nemo" is the top-grossing animated film in the United States and Canada. In fact, "Finding Nemo" is the top-grossing film of the year and the top-grossing animated film of all time. The article also said the film was financed by Walt Disney Co. It was co-financed by Disney and Pixar.

Catmull has called himself the "quiet one" at Pixar, in comparison to co-founders Steve Jobs and John Lasseter. Catmull oversees the company's internal organization as well as its technology.

Pixar shares on Monday rose $1.41 to $67.92 on Nasdaq. They have increased more than 28% this year.

Bloomberg News was used in compiling this report.

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