- Disney reported earnings for the quarter ended December 31, 1999, with revenues increasing 5% to $6.8 billion and operating income increasing 8% to $1.1 billion compared to the same period last year.
- Key drivers of increased revenues and operating income were strong performances from Who Wants to Be a Millionaire at ABC and record attendance at Walt Disney World, along with growth at ESPN and Disney's cable networks.
- Earnings per share increased 9% to $0.25, while net income rose 7% to $515 million, excluding Disney's retained interest in GO.com. Including GO.com, net income increased 1% to $324 million.
The Walt Disney Company reported higher earnings for the quarter and six months ended March 31, 2000. Revenue increased 14% to $6.2 billion for the quarter and 9% to $13 billion for the six months. Net income grew 31% to $369 million for the quarter and 16% to $884 million for the six months, excluding the retained interest in GO.com. Chairman and CEO Michael Eisner attributed the solid results to the strength of the Media Networks division and continued success of properties like Who Wants to Be a Millionaire, while noting new management changes aimed at accelerating the turnaround of the Studios and Consumer Products units.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2001. For the quarter, revenues decreased 1% to $6 billion while net income decreased 3% to $479 million. For the nine months, revenues increased 1% to $19.4 billion while net income increased 17% to $1.4 billion. Disney acquired Fox Family Worldwide for $3 billion in cash to strengthen its family programming. The company also announced job cuts of 4,000 positions to reduce costs. Disney's performance was solid overall despite a soft economy, with growth in studio films and cost cuts helping to offset weaker parks attendance.
- The Walt Disney Company reported higher earnings before restructuring and impairment charges for both the quarter and six months ended March 31, 2001 compared to the same period in the previous year.
- Earnings increased 33% for the quarter and 31% for the six months when excluding restructuring and impairment charges.
- Segment operating income increased at Parks & Resorts, Media Networks, Studio Entertainment, and Consumer Products, but decreased at Internet Group.
- Restructuring and impairment charges totaled $1 billion for the quarter and $1.2 billion for the six months, primarily related to the closure of the GO.com portal business.
- The Walt Disney Company reported higher earnings for the quarter and nine months ended June 30, 2000 compared to the prior year.
- Earnings per share increased 50% to $0.30 for the quarter and 26% to $0.72 for the nine months when excluding Disney's interest in the Internet Group.
- All of Disney's business segments saw revenue and operating income increases for the quarter and nine months, with particular growth in Media Networks, Parks & Resorts, and cable television activities.
Net income and EPS for Disney increased in the first quarter of 2001 compared to the previous year. Net income rose 27% to $594 million and EPS grew 22% to $0.28, excluding accounting changes and the Internet Group. Overall revenues for Disney grew 7% to $7.3 billion for the quarter, with strong results from Parks & Resorts and improvements in home video and theatrical distribution offsetting declines in consumer products. The Walt Disney Company will convert shares of Internet Group stock to Disney stock in March 2001, consolidating financial reporting under one class of common stock.
The Walt Disney Company reported higher earnings for both the fiscal year and quarter ended September 30, 2000. For the year, earnings per share increased 42% excluding Disney's interest in the Internet Group and 90% including it, while revenues grew 9% and operating income rose 26%. In the fourth quarter, EPS rose 82% excluding the Internet Group and diluted EPS was $0.11 including it, with revenues up 6% and operating income increasing 58%. Media Networks, Parks & Resorts, and Studio Entertainment saw revenue and profit gains for the year and quarter.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2003. Revenues increased for the quarter to $6.2 billion but segment operating income was flat at $2.3 billion for the nine months. Net income decreased to $885 million for the nine months due to charges taken in the first quarter. Disney expects results to improve over the next 12-18 months due to the success of films like Finding Nemo and Pirates of the Caribbean. However, continued weakness at Euro Disney may impair Disney's $522 million investment if Euro Disney is unable to obtain financing and waivers for debt covenants.
- The Walt Disney Company reported earnings for the quarter and six months ended March 31, 2002. Revenues decreased 2% for the quarter to $5.9 billion and 4% for the six months to $13 billion.
- Net income was $259 million for the quarter and $697 million for the six months, compared to a net loss in the prior year quarter and six months.
- Chairman and CEO Michael Eisner said Disney continues on track with cost containment efforts and strengthening of core brands, and anticipates continued performance improvement.
The Walt Disney Company reported higher earnings for the quarter and six months ended March 31, 2000. Revenue increased 14% to $6.2 billion for the quarter and 9% to $13 billion for the six months. Net income grew 31% to $369 million for the quarter and 16% to $884 million for the six months, excluding the retained interest in GO.com. Chairman and CEO Michael Eisner attributed the solid results to the strength of the Media Networks division and continued success of properties like Who Wants to Be a Millionaire, while noting new management changes aimed at accelerating the turnaround of the Studios and Consumer Products units.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2001. For the quarter, revenues decreased 1% to $6 billion while net income decreased 3% to $479 million. For the nine months, revenues increased 1% to $19.4 billion while net income increased 17% to $1.4 billion. Disney acquired Fox Family Worldwide for $3 billion in cash to strengthen its family programming. The company also announced job cuts of 4,000 positions to reduce costs. Disney's performance was solid overall despite a soft economy, with growth in studio films and cost cuts helping to offset weaker parks attendance.
- The Walt Disney Company reported higher earnings before restructuring and impairment charges for both the quarter and six months ended March 31, 2001 compared to the same period in the previous year.
- Earnings increased 33% for the quarter and 31% for the six months when excluding restructuring and impairment charges.
- Segment operating income increased at Parks & Resorts, Media Networks, Studio Entertainment, and Consumer Products, but decreased at Internet Group.
- Restructuring and impairment charges totaled $1 billion for the quarter and $1.2 billion for the six months, primarily related to the closure of the GO.com portal business.
- The Walt Disney Company reported higher earnings for the quarter and nine months ended June 30, 2000 compared to the prior year.
- Earnings per share increased 50% to $0.30 for the quarter and 26% to $0.72 for the nine months when excluding Disney's interest in the Internet Group.
- All of Disney's business segments saw revenue and operating income increases for the quarter and nine months, with particular growth in Media Networks, Parks & Resorts, and cable television activities.
Net income and EPS for Disney increased in the first quarter of 2001 compared to the previous year. Net income rose 27% to $594 million and EPS grew 22% to $0.28, excluding accounting changes and the Internet Group. Overall revenues for Disney grew 7% to $7.3 billion for the quarter, with strong results from Parks & Resorts and improvements in home video and theatrical distribution offsetting declines in consumer products. The Walt Disney Company will convert shares of Internet Group stock to Disney stock in March 2001, consolidating financial reporting under one class of common stock.
The Walt Disney Company reported higher earnings for both the fiscal year and quarter ended September 30, 2000. For the year, earnings per share increased 42% excluding Disney's interest in the Internet Group and 90% including it, while revenues grew 9% and operating income rose 26%. In the fourth quarter, EPS rose 82% excluding the Internet Group and diluted EPS was $0.11 including it, with revenues up 6% and operating income increasing 58%. Media Networks, Parks & Resorts, and Studio Entertainment saw revenue and profit gains for the year and quarter.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2003. Revenues increased for the quarter to $6.2 billion but segment operating income was flat at $2.3 billion for the nine months. Net income decreased to $885 million for the nine months due to charges taken in the first quarter. Disney expects results to improve over the next 12-18 months due to the success of films like Finding Nemo and Pirates of the Caribbean. However, continued weakness at Euro Disney may impair Disney's $522 million investment if Euro Disney is unable to obtain financing and waivers for debt covenants.
- The Walt Disney Company reported earnings for the quarter and six months ended March 31, 2002. Revenues decreased 2% for the quarter to $5.9 billion and 4% for the six months to $13 billion.
- Net income was $259 million for the quarter and $697 million for the six months, compared to a net loss in the prior year quarter and six months.
- Chairman and CEO Michael Eisner said Disney continues on track with cost containment efforts and strengthening of core brands, and anticipates continued performance improvement.
The Walt Disney Company reported its financial results for the fiscal year and quarter ended September 30, 2001. For the year, revenues remained flat while operating income decreased slightly. Earnings per share were flat. For the quarter, revenues and operating income decreased compared to the previous year. The decreases were due to softness in the media networks and studio entertainment segments due to lower ratings and box office revenues. Parks and resorts were also negatively impacted by decreased attendance following the conclusion of a special event the previous year and impacts of September 11th.
- The Walt Disney Company reported earnings for the quarter ended December 31, 2001. Revenues decreased 5% to $7 billion and net income was $438 million, flat compared to the prior year adjusted for accounting changes.
- Results were impacted by softness in the economy and events of September 11th, which led to declines in attendance, spending, and hotel occupancy. However, cost cutting initiatives helped offset declines.
- The acquisition of ABC Family was completed in October 2001 and integration efforts were underway to combine television assets. Disney remained focused on achieving efficiencies and creating great content to strengthen brands.
The Walt Disney Company reported financial results for the quarter and six months ended March 31, 2003. Revenues increased in both periods compared to the prior year, while net income and earnings per share decreased due to higher costs and softness in certain businesses. For the quarter, revenues rose 8% to $6.3 billion but net income fell 12% to $229 million. The earnings decline was driven by decreased results at Media Networks and Parks and Resorts due to higher programming and production costs as well as lower attendance. However, Studio Entertainment saw gains from strong home video and television distribution.
The Walt Disney Company reported its earnings for the fiscal year and quarter ended September 30, 2002. For the fiscal year, revenues increased 1% to $25.3 billion but segment operating income decreased 28% to $2.9 billion. Net income increased 48% to $1.3 billion compared to the prior year which included large restructuring charges. On a pro forma basis, which excludes certain one-time items, revenues decreased 1% to $25.4 billion and earnings were $1.1 billion or $0.55 per share. For the quarter, revenues increased 15% to $6.7 billion while operating income decreased 2% to $613 million. Disney anticipated a return to solid earnings per share growth
news corp 4th Qtr - FY07 - June 30, 2007 - US Dollarsfinance9
News Corporation reported record full year operating income of $4.45 billion, up 15% over the previous fiscal year. Operating income growth was led by record results at the company's Filmed Entertainment, Cable Network Programming, Direct Broadcast Satellite, and Magazines and Inserts segments. For the fourth quarter, operating income grew 18% to $1.2 billion on 9% revenue growth. Segment highlights included a 26% increase in operating income at Cable Network Programming, an 85% rise at Direct Broadcast Satellite Television (SKY Italia), and a 25% gain at Magazines and Inserts.
- Disney reported higher revenues and earnings per share for the third quarter and first nine months of fiscal year 2006 compared to the same periods in 2005. Revenues increased 12% for the quarter and 5% year-to-date, while EPS grew 36% and 24% respectively.
- All of Disney's operating segments experienced growth in revenues and operating income for the quarter, led by Parks and Resorts and Studio Entertainment. Higher guest spending and attendance boosted Parks, while successful film releases increased profits at Studio Entertainment.
- Disney completed its acquisition of Pixar in May 2006, which added to earnings and increased outstanding shares. The company continues to invest in its brands and repurchase stock.
- Disney reported higher earnings per share of $0.35 for the first quarter of fiscal year 2005 compared to $0.33 in the prior year quarter.
- Operating income grew at Media Networks and Parks and Resorts segments but declined at Studio Entertainment.
- Disney remains confident in achieving double-digit earnings growth for fiscal year 2005 driven by improvements across various divisions.
Disney reported financial results for Q3 2005, with EPS up 41% over Q3 2004 to $0.41 per share. Media Networks saw significant growth, with operating income up 48% due to higher revenues at ESPN and the ABC television network. Parks and Resorts also grew operating income by 6% on higher guest spending and attendance. Studio Entertainment saw a decline in home entertainment sales offset somewhat by better theatrical and television distribution results. Consumer Products revenues and profits fell due to the sale of the Disney Stores business the prior year.
- EPS for Disney increased 27% in the quarter and 15% over the prior six months, driven by growth across all operating segments led by Studio Entertainment.
- Revenues increased 9% in the quarter to $7.8 billion and 5% over six months to $16.5 billion. Segment operating income rose 14% in the quarter and 8% over six months.
- EPS and revenue growth were driven by increases in operating income from Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2002. Revenues decreased 3% to $5.8 billion for the quarter, and segment operating income decreased 26% to $828 million. For the nine months, revenues decreased 4% to $18.7 billion and operating income decreased 32% to $2.3 billion. Earnings per share were $0.18 for the quarter and $0.52 for the nine months. Results were negatively impacted by softness in the travel industry and weak advertising markets. The Company expects earnings to be lower in the current fourth quarter compared to the prior year.
The Walt Disney Company reported higher earnings for the third quarter and first nine months of fiscal year 2004 compared to the prior year periods. Diluted earnings per share grew 21% for the quarter and between 96-110% year-to-date, driven by operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. Segment operating income increased 14% for the quarter and 53% year-to-date. However, Studio Entertainment segment operating income declined for the quarter due to weaker theatrical performance and higher costs. Excluding the impact of consolidating Euro Disney and Hong Kong Disneyland, net borrowings decreased $2.4 billion from the prior year through use of free cash flow to repay debt.
- Disney reported higher earnings per share (EPS) for the second quarter and first half of fiscal year 2004 compared to the previous year, led by growth in operating income at Media Networks, Parks and Resorts, and Consumer Products segments.
- Cash flow from operations for the first half of 2004 was $2.5 billion, more than double the prior year period. Free cash flow for the first half was $2 billion compared to $481 million in the previous year.
- Disney expects full year EPS growth of 50% or more excluding potential impacts like the sale of Disney Stores, and double-digit average annual EPS growth from 2004 through 2007.
In the quarter ended December 31, 2002:
- Revenues increased 6% to $7.5 billion while net income decreased 41% to $256 million compared to the previous year.
- Earnings per share were $0.13, down from $0.21 in the prior year quarter, due to one-time charges including a $83 million write-off related to United Airlines.
- Excluding one-time items, earnings per share increased 13% to $0.17 from $0.15 in the prior year.
news corp 2nd Qtr - FY07 - December 31, 2006 - US Dollars finance9
News Corporation reported a 24% increase in operating income for the second quarter ended December 31, 2006 compared to the same period the previous year. Income from continuing operations grew 18% year-over-year. Filmed entertainment delivered a 57% increase in operating income due to strong box office performances. Cable network programming operating income increased by $13 million driven by higher affiliate revenues at Fox News Channel. Newspapers operating income grew by $101 million compared to the prior year which included a large redundancy provision.
The Walt Disney Company reported higher first quarter earnings for fiscal year 2006 compared to the previous year. Earnings per share increased 12% to $0.37 from $0.33 the prior year. Operating income grew at Parks and Resorts, Media Networks, and Consumer Products segments, though Studio Entertainment results declined. During the quarter, the Company repurchased $1.2 billion worth of its own shares.
News Corporation reported record full year operating income of $3.9 billion, up 9% over the previous fiscal year. Operating income increased across most business segments, led by 23% growth at Cable Network Programming and a $212 million improvement at SKY Italia. Fourth quarter operating income grew 8% to $1 billion on 11% higher revenues. Segments like Filmed Entertainment, Television, Cable Network Programming, and Direct Broadcast Satellite Television saw double-digit percentage increases in operating income for the quarter. The company invested in digital properties like MySpace and saw strong growth across its existing businesses.
Clear Channel Communications reported financial results for the first quarter of 2007, with revenues increasing 8% to $1.6 billion compared to the first quarter of 2006. Expenses increased 5% to $1.1 billion, and income before discontinued operations increased 2% to $99.2 million. The company also discussed progress on divesting its television group and certain radio stations, with definitive agreements in place that are expected to net approximately $1.4 billion in proceeds after taxes and transaction costs. Pacing information showed radio revenues pacing down 1.6% for Q2 2007 and 0.6% for the full year, while outdoor revenues were pacing up 6.7% for Q2 and 5.9% for the
news corp 2nd Qtr - FY08 - December 31, 2007 - US Dollarsfinance9
News Corporation reported record second quarter operating income of $1.4 billion, a 24% increase over the previous year, driven by growth across most business segments. Net income increased to $832 million. Cable Network Programming operating income rose 23% on gains at Fox News Channel, regional sports networks, and international channels. Television operating income more than doubled due to higher ratings and pricing at Fox Broadcasting. [END SUMMARY]
Viacom reported financial results for the second quarter of 2005, with revenues increasing 10% to $5.9 billion led by growth across business segments. Operating income rose 4% to $1.4 billion, paced by increases at Cable Networks and Outdoor. Net earnings from continuing operations increased 6% to $762 million. The company is on track to deliver mid-single digit growth in revenues and operating income, and high-single digit growth in earnings per share for 2005.
- News Corporation reported a 19% increase in operating income for the quarter ended September 30, 2005 to $909 million, driven by double-digit revenue growth of 10% to $5.7 billion.
- Several segments saw double-digit operating income growth including Filmed Entertainment (up 26%), Cable Network Programming (up 19%), and Magazines and Inserts (up 19%). SKY Italia also significantly improved results.
- Chairman Rupert Murdoch commented that the company delivered strong gains across most segments and has invested in new media businesses experiencing explosive growth, positioning News Corporation well for continued strong returns.
The Walt Disney Company reported sharply higher earnings for the first quarter of fiscal year 2004, ended December 31, 2003. Earnings per share increased to $0.33 from $0.05 in the prior year quarter, driven by growth across all business segments. Revenues increased 19% to $8.5 billion due to strong performance of home entertainment releases from Studios and higher affiliate fees and advertising at Media Networks. The company expects continued earnings growth of over 30% for fiscal year 2004.
- Disney reported improved financial results for its fiscal year ended September 30, 2003 compared to the previous year. Earnings per share increased 8% for the full year and 122% for the fourth quarter.
- Strong performances from Studio Entertainment and Media Networks drove the overall earnings growth, though Parks and Resorts experienced declines in revenue and profits.
- Cash flow from operations increased significantly over the previous year, allowing Disney to reduce its total and net borrowings.
The Walt Disney Company reported its financial results for the fiscal year and quarter ended September 30, 2001. For the year, revenues remained flat while operating income decreased slightly. Earnings per share were flat. For the quarter, revenues and operating income decreased compared to the previous year. The decreases were due to softness in the media networks and studio entertainment segments due to lower ratings and box office revenues. Parks and resorts were also negatively impacted by decreased attendance following the conclusion of a special event the previous year and impacts of September 11th.
- The Walt Disney Company reported earnings for the quarter ended December 31, 2001. Revenues decreased 5% to $7 billion and net income was $438 million, flat compared to the prior year adjusted for accounting changes.
- Results were impacted by softness in the economy and events of September 11th, which led to declines in attendance, spending, and hotel occupancy. However, cost cutting initiatives helped offset declines.
- The acquisition of ABC Family was completed in October 2001 and integration efforts were underway to combine television assets. Disney remained focused on achieving efficiencies and creating great content to strengthen brands.
The Walt Disney Company reported financial results for the quarter and six months ended March 31, 2003. Revenues increased in both periods compared to the prior year, while net income and earnings per share decreased due to higher costs and softness in certain businesses. For the quarter, revenues rose 8% to $6.3 billion but net income fell 12% to $229 million. The earnings decline was driven by decreased results at Media Networks and Parks and Resorts due to higher programming and production costs as well as lower attendance. However, Studio Entertainment saw gains from strong home video and television distribution.
The Walt Disney Company reported its earnings for the fiscal year and quarter ended September 30, 2002. For the fiscal year, revenues increased 1% to $25.3 billion but segment operating income decreased 28% to $2.9 billion. Net income increased 48% to $1.3 billion compared to the prior year which included large restructuring charges. On a pro forma basis, which excludes certain one-time items, revenues decreased 1% to $25.4 billion and earnings were $1.1 billion or $0.55 per share. For the quarter, revenues increased 15% to $6.7 billion while operating income decreased 2% to $613 million. Disney anticipated a return to solid earnings per share growth
news corp 4th Qtr - FY07 - June 30, 2007 - US Dollarsfinance9
News Corporation reported record full year operating income of $4.45 billion, up 15% over the previous fiscal year. Operating income growth was led by record results at the company's Filmed Entertainment, Cable Network Programming, Direct Broadcast Satellite, and Magazines and Inserts segments. For the fourth quarter, operating income grew 18% to $1.2 billion on 9% revenue growth. Segment highlights included a 26% increase in operating income at Cable Network Programming, an 85% rise at Direct Broadcast Satellite Television (SKY Italia), and a 25% gain at Magazines and Inserts.
- Disney reported higher revenues and earnings per share for the third quarter and first nine months of fiscal year 2006 compared to the same periods in 2005. Revenues increased 12% for the quarter and 5% year-to-date, while EPS grew 36% and 24% respectively.
- All of Disney's operating segments experienced growth in revenues and operating income for the quarter, led by Parks and Resorts and Studio Entertainment. Higher guest spending and attendance boosted Parks, while successful film releases increased profits at Studio Entertainment.
- Disney completed its acquisition of Pixar in May 2006, which added to earnings and increased outstanding shares. The company continues to invest in its brands and repurchase stock.
- Disney reported higher earnings per share of $0.35 for the first quarter of fiscal year 2005 compared to $0.33 in the prior year quarter.
- Operating income grew at Media Networks and Parks and Resorts segments but declined at Studio Entertainment.
- Disney remains confident in achieving double-digit earnings growth for fiscal year 2005 driven by improvements across various divisions.
Disney reported financial results for Q3 2005, with EPS up 41% over Q3 2004 to $0.41 per share. Media Networks saw significant growth, with operating income up 48% due to higher revenues at ESPN and the ABC television network. Parks and Resorts also grew operating income by 6% on higher guest spending and attendance. Studio Entertainment saw a decline in home entertainment sales offset somewhat by better theatrical and television distribution results. Consumer Products revenues and profits fell due to the sale of the Disney Stores business the prior year.
- EPS for Disney increased 27% in the quarter and 15% over the prior six months, driven by growth across all operating segments led by Studio Entertainment.
- Revenues increased 9% in the quarter to $7.8 billion and 5% over six months to $16.5 billion. Segment operating income rose 14% in the quarter and 8% over six months.
- EPS and revenue growth were driven by increases in operating income from Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2002. Revenues decreased 3% to $5.8 billion for the quarter, and segment operating income decreased 26% to $828 million. For the nine months, revenues decreased 4% to $18.7 billion and operating income decreased 32% to $2.3 billion. Earnings per share were $0.18 for the quarter and $0.52 for the nine months. Results were negatively impacted by softness in the travel industry and weak advertising markets. The Company expects earnings to be lower in the current fourth quarter compared to the prior year.
The Walt Disney Company reported higher earnings for the third quarter and first nine months of fiscal year 2004 compared to the prior year periods. Diluted earnings per share grew 21% for the quarter and between 96-110% year-to-date, driven by operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. Segment operating income increased 14% for the quarter and 53% year-to-date. However, Studio Entertainment segment operating income declined for the quarter due to weaker theatrical performance and higher costs. Excluding the impact of consolidating Euro Disney and Hong Kong Disneyland, net borrowings decreased $2.4 billion from the prior year through use of free cash flow to repay debt.
- Disney reported higher earnings per share (EPS) for the second quarter and first half of fiscal year 2004 compared to the previous year, led by growth in operating income at Media Networks, Parks and Resorts, and Consumer Products segments.
- Cash flow from operations for the first half of 2004 was $2.5 billion, more than double the prior year period. Free cash flow for the first half was $2 billion compared to $481 million in the previous year.
- Disney expects full year EPS growth of 50% or more excluding potential impacts like the sale of Disney Stores, and double-digit average annual EPS growth from 2004 through 2007.
In the quarter ended December 31, 2002:
- Revenues increased 6% to $7.5 billion while net income decreased 41% to $256 million compared to the previous year.
- Earnings per share were $0.13, down from $0.21 in the prior year quarter, due to one-time charges including a $83 million write-off related to United Airlines.
- Excluding one-time items, earnings per share increased 13% to $0.17 from $0.15 in the prior year.
news corp 2nd Qtr - FY07 - December 31, 2006 - US Dollars finance9
News Corporation reported a 24% increase in operating income for the second quarter ended December 31, 2006 compared to the same period the previous year. Income from continuing operations grew 18% year-over-year. Filmed entertainment delivered a 57% increase in operating income due to strong box office performances. Cable network programming operating income increased by $13 million driven by higher affiliate revenues at Fox News Channel. Newspapers operating income grew by $101 million compared to the prior year which included a large redundancy provision.
The Walt Disney Company reported higher first quarter earnings for fiscal year 2006 compared to the previous year. Earnings per share increased 12% to $0.37 from $0.33 the prior year. Operating income grew at Parks and Resorts, Media Networks, and Consumer Products segments, though Studio Entertainment results declined. During the quarter, the Company repurchased $1.2 billion worth of its own shares.
News Corporation reported record full year operating income of $3.9 billion, up 9% over the previous fiscal year. Operating income increased across most business segments, led by 23% growth at Cable Network Programming and a $212 million improvement at SKY Italia. Fourth quarter operating income grew 8% to $1 billion on 11% higher revenues. Segments like Filmed Entertainment, Television, Cable Network Programming, and Direct Broadcast Satellite Television saw double-digit percentage increases in operating income for the quarter. The company invested in digital properties like MySpace and saw strong growth across its existing businesses.
Clear Channel Communications reported financial results for the first quarter of 2007, with revenues increasing 8% to $1.6 billion compared to the first quarter of 2006. Expenses increased 5% to $1.1 billion, and income before discontinued operations increased 2% to $99.2 million. The company also discussed progress on divesting its television group and certain radio stations, with definitive agreements in place that are expected to net approximately $1.4 billion in proceeds after taxes and transaction costs. Pacing information showed radio revenues pacing down 1.6% for Q2 2007 and 0.6% for the full year, while outdoor revenues were pacing up 6.7% for Q2 and 5.9% for the
news corp 2nd Qtr - FY08 - December 31, 2007 - US Dollarsfinance9
News Corporation reported record second quarter operating income of $1.4 billion, a 24% increase over the previous year, driven by growth across most business segments. Net income increased to $832 million. Cable Network Programming operating income rose 23% on gains at Fox News Channel, regional sports networks, and international channels. Television operating income more than doubled due to higher ratings and pricing at Fox Broadcasting. [END SUMMARY]
Viacom reported financial results for the second quarter of 2005, with revenues increasing 10% to $5.9 billion led by growth across business segments. Operating income rose 4% to $1.4 billion, paced by increases at Cable Networks and Outdoor. Net earnings from continuing operations increased 6% to $762 million. The company is on track to deliver mid-single digit growth in revenues and operating income, and high-single digit growth in earnings per share for 2005.
- News Corporation reported a 19% increase in operating income for the quarter ended September 30, 2005 to $909 million, driven by double-digit revenue growth of 10% to $5.7 billion.
- Several segments saw double-digit operating income growth including Filmed Entertainment (up 26%), Cable Network Programming (up 19%), and Magazines and Inserts (up 19%). SKY Italia also significantly improved results.
- Chairman Rupert Murdoch commented that the company delivered strong gains across most segments and has invested in new media businesses experiencing explosive growth, positioning News Corporation well for continued strong returns.
The Walt Disney Company reported sharply higher earnings for the first quarter of fiscal year 2004, ended December 31, 2003. Earnings per share increased to $0.33 from $0.05 in the prior year quarter, driven by growth across all business segments. Revenues increased 19% to $8.5 billion due to strong performance of home entertainment releases from Studios and higher affiliate fees and advertising at Media Networks. The company expects continued earnings growth of over 30% for fiscal year 2004.
- Disney reported improved financial results for its fiscal year ended September 30, 2003 compared to the previous year. Earnings per share increased 8% for the full year and 122% for the fourth quarter.
- Strong performances from Studio Entertainment and Media Networks drove the overall earnings growth, though Parks and Resorts experienced declines in revenue and profits.
- Cash flow from operations increased significantly over the previous year, allowing Disney to reduce its total and net borrowings.
Kodak reported financial results for the first quarter of 2007. Revenue declined 8% to $2.119 billion due to lower sales in digital capture and traditional businesses. The net loss improved 50% to $174 million due to cost reductions of $112 million in SG&A expenses. Kodak ended the quarter with $1.026 billion in cash and fully repaid $1.15 billion in debt after completing the sale of its Health Group. Kodak plans to increase its 2007 inkjet investment by up to $50 million to capitalize on strong demand for its new line of inkjet printers.
1) Mattel faced challenges in 2001 due to a slowing global economy, terrorist attacks hurting US consumer confidence, and retailers canceling orders. However, Mattel achieved 3% worldwide revenue growth and record levels.
2) Mattel gained market share around the world and in the US across multiple toy categories. International sales grew 10% while the US declined 1%.
3) Robert Eckert outlines Mattel's priorities for 2002 - strengthening core brands, delivering $200M in cost savings, improving supply chain performance, and developing employees. Mattel aims to optimize its business and become "the world's premier toy brands."
Clear Channel Communications reported financial results for 2001. Revenues increased 49% to $8 billion while EBITDA grew 11% to $1.9 billion. Radio revenues rose 42% to $3.46 billion and EBITDA increased 29% through reorganizing management and hiring more salespeople. Entertainment had successful tours and productions. Clear Channel expanded internationally and consolidated operations across divisions. While 2001 was challenging, the company is well positioned for future growth.
This document is The Walt Disney Company's annual report for fiscal year 2007. It summarizes the company's strong financial performance in 2007, with revenues reaching $35.5 billion and net income increasing 39% to $4.69 billion. It highlights creative successes across Disney's business segments, including record-breaking films and TV shows. It also outlines the company's strategies for continued growth, such as investing in new theme park attractions, cruise ships, and online worlds. The report expresses optimism about Disney's future and commitment to upholding its reputation through social responsibility initiatives.
This document is a letter from the CEO of The Walt Disney Company to shareholders summarizing the company's performance in fiscal year 2008. The letter discusses Disney achieving record revenue and earnings per share despite economic challenges. It highlights successful films like Wall-E and TV coverage of the 2008 US election on ABC News. The letter also outlines Disney's strategy of leveraging its brands across businesses and technology to create value for shareholders over the long term.
Citigroup reported core income of $3.66 billion for Q1 2001, a 7% decrease from Q1 2000. Excluding investment activities, core income rose 7% year-over-year. Global Consumer saw core income increase 18% to $1.78 billion driven by growth in US banking and lending. Global Corporate core income declined 7% to $1.75 billion due to weaker investment markets, though revenues grew 11%. Overall, Citigroup achieved solid results despite challenging markets due to the strength and diversity of its businesses.
Kodak reported positive fourth quarter earnings of $17 million, despite a 9% drop in annual sales to $3.821 billion. Digital earnings grew to $271 million for the quarter, driven by improved margins in consumer digital and graphic communications. For the full year, digital earnings increased by $271 million, exceeding the decline in traditional earnings for the first time. Cash levels totaled $1.469 billion at year-end, and debt was reduced by over $800 million in 2006. Kodak expects to conclude restructuring efforts in 2007 to transition fully to a digital business model.
Morgan Stanley Dean Witter announced record full-year and fourth quarter results. For the full year, net income was $5.5 billion, up 14% from the prior year. Fourth quarter net income was $1.2 billion, down 26% from the previous year's fourth quarter. The company's securities, asset management, and credit services businesses all achieved record annual net income. The board also declared a 15% increase in the quarterly dividend to $0.23 per share.
- The Walt Disney Company reported higher earnings for both the fiscal year and quarter ended September 30, 2004 compared to the prior year. Earnings per share for the year increased 72% to $1.12, driven by operating income growth across all segments.
- For the quarter, EPS increased 25% to $0.25, helped by income growth at Media Networks, Parks and Resorts, and Consumer Products, partially offset by a decrease at Studio Entertainment.
- All business segments saw increased revenues and operating income for the year, with the exception of Studio Entertainment which saw a revenue decline but operating income growth. Cash flow from operations reached record levels for the company.
Citigroup reported strong third quarter results for 2000, with core income rising 27% to $3.1 billion compared to the third quarter of 1999. Key highlights included:
- Global Consumer core income rose 17% to $1.32 billion, driven by growth in North American cards, mortgage banking, and Asia.
- Global Corporate and Investment Bank core income increased 40% to $1.59 billion, with strong performances from Salomon Smith Barney and emerging markets banking.
- Global Investment Management and Private Banking core income grew 14% to $176 million, with increased revenues across asset management, private banking, and retirement services.
news corp 1st Qtr - FY08 - September 30, 2007 - US Dollarsfinance9
News Corporation reported operating income of $1.05 billion for the quarter ended September 30, 2007, up 23% from the previous year. Revenues increased 19% to $7.1 billion. Several segments saw double-digit operating income growth including filmed entertainment, up 51% due to box office success, and cable network programming, up 16% due to growth at Fox News Channel. Operating income declined at newspapers due to increased depreciation from new printing operations in the UK.
Return on total capital for the trailing 12 months ended June 28, 2008 was 20.8%. Net earnings for the 4 fiscal quarters spanning September 29, 2007 to June 28, 2008 totaled $1,104,607. The average total capital over the last 5 quarters, consisting of long-term debt, short-term debt, and equity, was $5,303,913. Return on capital was calculated by taking net earnings for the 12 month period and dividing by the average total capital.
This document is Sysco Corporation's 2000 annual report. It summarizes that fiscal 2000 was Sysco's 30th anniversary as a public company and marked record sales of $19.3 billion, up 11% from the previous fiscal year. Key drivers of growth were increased sales to customers served by Sysco marketing associates and continued growth of Sysco Brand sales. The report discusses Sysco's strategy of pursuing both acquisitions and internal expansion to continue driving future success through offering customers a breadth of products and superior service.
1) SYSCO reported strong sales and earnings growth in fiscal year 2001, with sales topping $20 billion for the first time.
2) Net earnings increased over 30% compared to the previous year, and return on shareholders' equity reached 31%.
3) Growth was driven by acquisitions, internal expansion, and a focus on customer relationships through initiatives like C.A.R.E.S.
SYSCO is a food distribution company that supplies over 415,000 customers like restaurants, hospitals, and schools. In fiscal year 2002, SYSCO reported $23.35 billion in sales, a 7% increase from the previous year. Net earnings increased 14% to $679.78 million compared to fiscal year 2001. SYSCO has over 46,800 employees and operates from 142 locations across North America, helping their customers succeed by providing food and related products and services.
This annual report summarizes Sysco Corporation's financial performance for fiscal year 2003. Key highlights include:
- Sales increased 12% to $26.14 billion and net earnings increased 14% to $778.28 million.
- Diluted earnings per share increased 17% to $1.18.
- Return on average shareholders' equity was 36%.
- The company distributed products from 145 locations across North America to over 420,000 customer locations.
This document provides an annual report for Sysco Corporation for the fiscal year ending July 3, 2004. It includes financial highlights showing sales increased 12% to $29.3 billion and net earnings increased 17% to $907 million. It discusses challenges in the year from high product cost inflation of 6.3% and fuel costs. It outlines Sysco's focus on growing profitable customer businesses and improving customer relationships. It describes Sysco's national supply chain initiative including new regional distribution centers to enhance service and reduce costs. In closing, it expresses confidence in addressing economic uncertainty through its employees, products/services, and financial resources.
The passage discusses the importance of summarization in an age of information overload. It notes that with the massive amounts of data available online, being able to quickly understand the key points of lengthy documents, articles, or reports is crucial. The ability to produce clear, concise summaries helps people filter through large amounts of information and identify what is most important or relevant to them.
- SYSCO achieved record sales of $37.5 billion and record net earnings of $1.1 billion in fiscal year 2008 despite challenging economic conditions.
- The company's focus on supply chain efficiency and helping customers succeed through business reviews allowed it to contain costs while growing market share.
- SYSCO continues to invest in its business, people, facilities, fleet and technology to support long-term growth while exploring alternative energy sources.
This document summarizes reconciling items for 2001 by quarter and fiscal year. It reports reorganization costs of $19.1 million in Q2 2001, $11.7 million in Q3 2001, and $10.6 million in Q4 2001 for workforce reductions and facility consolidations worldwide. Special items include a $19.4 million write-off in Q3 2001 and $3.5 million impairment charge in Q4 2001. The total net reconciling items after tax was $42.1 million for fiscal year 2001.
This document shows the reconciliation between GAAP and non-GAAP operating income for different regions and worldwide for 2001. For each quarter and the full year, it provides the operating income under GAAP and non-GAAP measurements, as well as the reconciling items between the two. On a non-GAAP basis, operating income margins ranged from -1.25% to 1.23% by region for the full year.
This document provides a reconciliation of GAAP to non-GAAP financial metrics for 2001. For each quarter and full year, it shows gross sales, gross profit, operating expenses, operating income, net income, and diluted EPS under GAAP and non-GAAP after adjusting for reconciling items. The reconciling items reduced operating expenses and increased operating income, net income, and diluted EPS for the non-GAAP results compared to GAAP.
This document summarizes reconciling items for 2002 by quarter and fiscal year total. It includes reorganization costs, other major program costs, gains/losses on securities sales, and tax effects. Total net reorganization and other major program costs for the fiscal year were $116.6 million. A $280.9 million cumulative effect of a new accounting standard adoption was also recorded. The total net impact of reconciling items for the fiscal year was $350.2 million.
The document shows the reconciliation between GAAP and non-GAAP operating income for North America, Europe, Asia-Pacific, Latin America, and worldwide total for Q1 2002 through FY 2002. It provides the operating income under GAAP and non-GAAP measurements, as well as the reconciling items and non-GAAP operating income as a percentage of revenue for each region and time period.
This document provides a reconciliation of net income and earnings per share (EPS) between Generally Accepted Accounting Principles (GAAP) and non-GAAP measures for 4 quarters (Q1 2002 - Q4 2002) and the full fiscal year 2002 for an unnamed company. It shows that reconciling items reduced operating expenses and increased operating income, net income, and EPS under the non-GAAP measures compared to the GAAP measures.
This document summarizes reconciling items for 2003, including reorganization costs and other major program costs by quarter. Total reorganization costs for the year were $21.6 million. Other costs included in selling, general and administrative expenses were $23.3 million and costs of sales were $0.5 million. Pre-tax items totaled $45.4 million for the year. A favorable tax resolution of $70.5 million occurred in Q3 03. The total net effect was a $39.6 million benefit.
This document shows the operating income for different regions and worldwide both according to GAAP (Generally Accepted Accounting Principles) standards and on a non-GAAP basis for Q1 2003, Q2 2003, Q3 2003, Q4 2003 and FY 2003. It provides the figures in US dollars and also shows the operating income as a percentage of revenue. The non-GAAP operating income is higher due to reconciling items which are additional costs excluded from the non-GAAP calculation.
This document presents a bridge between GAAP and non-GAAP financial results for a company for 2003. It shows GAAP and non-GAAP results for net income, earnings per share, gross profit, operating expenses, operating income, and sales on a quarterly and full year basis. Reconciling items between GAAP and non-GAAP results include adjustments to operating expenses that increased non-GAAP operating income and net income compared to GAAP.
This document summarizes reconciling items for 2004 by quarter and fiscal year. It includes reorganization costs, other major program costs, foreign exchange gains and losses, and tax effects. Reorganization costs were credits in Q3 and Q4 2004 due to lower than expected facility consolidation costs. Foreign exchange gains stemmed from a currency contract for an acquisition. A favorable tax resolution in Q3 and Q4 2004 reversed previously accrued federal and state income taxes. The total net tax effect for the fiscal year was a credit of $58.8 million.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
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Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Using Online job postings and survey data to understand labour market trends
walt disney Quarter 2000 1st
1. FOR IMMEDIATE RELEASE
February 9, 2000
THE WALT DISNEY COMPANY REPORTS
EARNINGS FOR THE QUARTER ENDED
DECEMBER 31, 1999
BURBANK, Calif. – The Walt Disney Company today reported
consolidated results attributable to its two classes of common stock, Disney
and GO.com, for the quarter ended December 31, 1999.
DISNEY RESULTS
As the Company announced on January 24, 2000, on a pro forma
basis, Disney revenues increased 5% to $6.8 billion and operating income
increased 8% to $1.1 billion. Excluding the retained interest in GO.com, net
income increased 7% to $515 million and diluted earnings per share
increased 9% to $0.25. Non-cash amortization of intangible assets included
in Disney’s retained interest in GO.com amounted to $168 million for the
quarter. Including the retained interest in GO.com, adjusted to exclude
amortization of intangible assets, net income and earnings per share were
$482 million and $0.23, respectively. Including GO.com amortization of
intangible assets, net income and earnings per share were $324 million and
$0.16, respectively.
1
2. “As I outlined in our annual report to shareholders, the key to our
success is the quality of our products,” said Michael D. Eisner, Disney
chairman and CEO. “Much of the upside in our first quarter derived from
outstanding new product. Who Wants to Be a Millionaire helped drive the
ABC-TV network to number one in the TV ratings, Toy Story 2 was a
smashing film success, and our Epcot Millennium Celebration helped Walt
Disney World achieve record attendance.
Regarding the Company’s tracking stock, Eisner added, “While we
expect GO to continue to incur operating losses, we believe it has just
begun to leverage the assets, creativity and promotional strength of The
Walt Disney Company. GO’s increased strategic focus on the
entertainment, recreation, leisure and lifestyle categories will play to those
strengths. As broader bandwidth becomes more prevalent, we believe
GO’s strategic advantages will become even more apparent.”
Basis of Presentation
As discussed in more detail below, the Company made certain
changes to its segment and other disclosures and has presented pro forma
amounts to enhance comparability. Unless otherwise indicated,
comparisons reflect pro forma amounts for the current and prior-year
periods. On January 24, 2000, the Company announced results for Disney
excluding the impact of its retained interest in GO.com. The results
released today and the discussion below are consistent with the
information announced previously.
2
3. Media Networks
As presented in the accompanying Table A, Media Networks
revenues for the quarter increased 19% to $2.7 billion, and operating
income was $642 million, an increase of 73%.
Broadcasting results for the quarter were driven by increases at the
ABC television network and the Company’s owned television stations due
to a strong advertising market and the success of Who Wants to Be a
Millionaire. The network also benefited from increases in the news division,
driven in part, by improved ratings for Good Morning America.
Additionally, a strong advertising market resulted in growth at the radio
network and stations.
The accompanying Table B presents operating income for Disney’s
overall cable television activities, which consist of Disney’s cable networks
and cable equity investments. Disney’s share of operating income from
cable television activities increased 31% to $316 million for the quarter.
Cable television results for the quarter were driven by growth at the
cable networks, reflecting increases at ESPN, driven by higher affiliate fees
due to contractual rate increases and subscriber growth, and increased
advertising revenues due to a strong advertising market, partially offset by
higher programming costs. In addition, increases at E! Entertainment
Television, Lifetime Television and The History Channel contributed to
improved results.
Studio Entertainment
Revenues for the quarter were $1.6 billion, a decrease of 10%
compared to the prior-year quarter, and operating income was $23 million,
3
4. compared to $143 million for the prior-year quarter. Studio Entertainment
results for the quarter were driven primarily by declines in worldwide
home video and domestic theatrical motion picture distribution, partially
offset by improvements in international theatrical motion picture
distribution.
In worldwide home video, the current period’s releases faced
difficult comparisons to the prior year, which included the successful
domestic release of Lion King II: Simba’s Pride and the classic animated
release of The Little Mermaid in international territories. In domestic
theatrical motion picture distribution, the successful release of Toy Story 2
was more than offset by the performance of The Insider and Bicentennial
Man. Improvements in international theatrical motion picture distribution
were driven primarily by Tarzan and Toy Story 2.
Theme Parks and Resorts
Theme Parks and Resorts posted record operating results for the
quarter, with revenues increasing 9% to $1.6 billion and operating income
up 6% to $363 million.
Theme Parks and Resorts results benefited from increased guest
spending, growth in occupied room nights and record attendance at Walt
Disney World, improved results at Disney Cruise Line and higher guest
spending at Disneyland, partially offset by lower attendance at
Disneyland. Increased guest spending and record attendance at Walt
Disney World were driven by the ongoing Millennium Celebration. Higher
occupied room nights reflected the opening of the All Star Movies Resort in
the second quarter of the prior year. Disney Cruise Line results reflected a
4
5. full quarter of operations from both cruise ships, the Disney Magic and the
Disney Wonder, compared to just the Disney Magic in the prior year.
Lower attendance at Disneyland was driven by weakness in international
visitation. Revenue gains at Walt Disney World were partially offset by
incremental operating costs associated with the Millennium Celebration.
Consumer Products
Consumer Products revenues for the quarter were $903 million,
down 6% from the prior-year quarter, and operating income was $207
million, down 29%. Results for the quarter were driven by declines in
merchandise licensing domestically and in Latin America and Europe, and
softer publishing results in Europe. These declines were partially offset by
improvements at Disney Interactive, primarily driven by the success of the
Who Wants to Be a Millionaire video game and the Toy Story 2 action game.
Corporate and Other Activities
Corporate and other activities improved over the prior-year quarter,
principally due to increased income from equity investments, including E!
Entertainment Television, Lifetime Television and The History Channel.
Net Interest Expense
Net interest expense increased 18% to $193 million, due primarily to
non-cash charges related to certain financial instruments and higher
interest rates, partially offset by lower average debt balances in the current
quarter.
Retained Interest in GO.com
The net loss related to the retained interest in GO.com increased 14%
to $191 million, reflecting increased operating losses at GO.com. Revenues
5
6. at GO.com increased 13% to $126 million, driven by a 47% increase in
Internet revenues, partially offset by a 15% decrease in Direct Marketing
revenues. Revenue gains were more than offset by higher costs and
expenses, which were driven by continued investment in Internet and
Direct Marketing operations and infrastructure, combined with higher
sales and marketing expenditures.
As-Reported Results
On an as-reported basis, revenues, operating income, net income and
earnings per share were $6.8 billion, $1.4 billion, $356 million and $0.17,
respectively. As-reported results include a pretax gain of $243 million on
the sale of Fairchild Publications in the quarter, discussed more fully
below. The sale did not have a material impact on net income, however, as
income taxes on the transaction largely offset the pre-tax gain. The as-
reported results related to the retained interest in GO.com include a $345
million gain on the sale of Starwave Corporation to Infoseek Corporation
in the prior-year quarter.
CONSOLIDATED RESULTS
Consolidated results reflect the operations of Disney, which are
discussed in this release, and the operations of GO.com, which were
discussed in a separate release issued today.
On a pro forma basis, revenues increased 5% to $6.9 billion and
operating income increased 3% to $808 million. Excluding amortization of
intangible assets, net income increased 3% to $587 million. Including
amortization of intangible assets, net income increased 1% to $250 million.
6
7. On an as-reported basis, revenues, operating income and net income were
$6.9 billion, $1.2 billion and $315 million, respectively.
STOCK REPURCHASES
The Company repurchased 2.6 million Disney shares for
approximately $75 million during the quarter. The purchases were effected
through open market purchases under the Company’s existing stock
repurchase program. As of December 31, 1999, the Company was
authorized to repurchase approximately 396 million additional shares.
PUBLISHING DISPOSITIONS
During the quarter, the Company completed its sale of Fairchild
Publications, which it had acquired in connection with the 1996 acquisition
of ABC, Inc.
In January 2000, the Company reached a definitive agreement with
EMMIS Communications Corporation for the sale of Los Angeles Magazine.
DISNEY AND GO.COM REPORTING
On November 17, 1999, stockholders of The Walt Disney Company
and Infoseek Corporation approved the Company’s acquisition of the
remaining interest in Infoseek Corporation that the Company did not
already own.
The acquisition was effected by the creation and issuance of a new
class of common stock, called “GO.com” common stock (NYSE:GO), and
resulted in the creation of GO.com, which comprises the Company’s
Internet businesses as well as its direct marketing operations. Shares of the
Company’s existing common stock were reclassified as “Disney” common
stock (NYSE:DIS), and track the financial performance of the Company’s
7
8. businesses other than GO.com, plus Disney’s retained interest of
approximately 72% in GO.com.
In addition to reporting consolidated results of operations for The
Walt Disney Company, the Company now also separately reports
operating results, including earnings (loss) per share, for GO.com and
Disney.
SEGMENT AND DISCLOSURE CHANGES AND PRO FORMA
PRESENTATION
During the quarter, the Company made certain changes to its
business segment and other disclosures:
The merger of television production activities of the Walt Disney
•
Studios with those of the ABC television network was completed
during the quarter. Accordingly, television production activities
formerly reported in Studio Entertainment are now reported in the
Media Networks segment.
Prior-year amounts used for comparative purposes have been
restated to reflect the current presentation.
To enhance comparability, the Company has presented operating
results for the current and prior period on a pro forma basis, which
assumes that the acquisition of the remaining interest in Infoseek and
subsequent creation of GO.com and the disposition of Fairchild
Publications had occurred at the beginning of fiscal 1999.
FORWARD-LOOKING STATEMENTS
Management believes certain statements in this press release may
constitute “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are made on the
8
9. basis of management’s views and assumptions regarding future events
and business performance as of the time the statements are made. Actual
results may differ materially from those expressed or implied. Such
differences may result from actions taken by the Company prior to its fiscal
2000 year end, including further restructuring or strategic initiatives and
actions relating to the Company’s strategic sourcing initiative, as well as
from developments beyond the Company’s control, including changes in
global economic conditions that may, among other things, affect the
international performance of the Company’s theatrical and home video
releases, television programming and consumer products and, in addition,
uncertainties associated with the Internet. Changes in domestic
competitive and economic conditions may also affect performance of all
significant Company businesses.
Editor’s Note: The Company makes available its quarterly earnings releases, annual report to
shareholders, fact book and SEC filings on its Investor Relations Web site located at
http://www.disney.go.com/investors
9
10. DISNEY COMBINED STATEMENTS OF INCOME
For the Quarter Ended December 31
(Unaudited, in millions, except per share data)
Pro forma As-Reported
1999 1998 1999 1998
REVENUES $ 6,816 $6,481 $ 6,830 $6,521
COSTS AND EXPENSES (5,581) (5,334) (5,594) (5,371)
AMORTIZATION OF INTANGIBLE ASSETS (111) (107) (111) (108)
GAIN ON SALE OF FAIRCHILD - - 243 -
OPERATING INCOME 1,124 1,040 1,368 1,042
CORPORATE AND OTHER ACTIVITIES 7 (21) 5 (21)
NET INTEREST EXPENSE (193) (163) (195) (163)
INCOME BEFORE INCOME TAXES,
MINORITY INTERESTS AND RETAINED
INTEREST IN GO.COM 938 856 1,178 858
INCOME TAXES (392) (352) (629) (366)
MINORITY INTERESTS (31) (22) (31) (22)
INCOME BEFORE RETAINED INTEREST
IN GO.COM 515 482 518 470
NET (LOSS) INCOME RELATED TO
RETAINED INTEREST IN GO.COM (191) (168) (162) 152
NET INCOME $ 324 $ 314 $ 356 $ 622
EARNINGS PER SHARE:
Diluted $ 0.16 $ 0.15 $ 0.17 $ 0.30
Basic $ 0.16 $ 0.15 $ 0.17 $ 0.30
EARNINGS PER SHARE EXCLUDING
RETAINED INTEREST IN GO.COM
Diluted $ 0.25 $ 0.23 $ 0.25 $ 0.23
Basic $ 0.25 $ 0.24 $ 0.25 $ 0.23
Average number of common and common
equivalent shares outstanding:
Diluted 2,081 2,076 2,081 2,076
Basic 2,064 2,050 2,064 2,050
10
11. DISNEY SEGMENT RESULTS
For The Quarter Ended December 31
(Unaudited, in millions)
Pro Forma As-Reported
1999 1998 % Change 1999 1998
Revenues:
Media Networks $ 2,737 $ 2,308 19 % $ 2,737 $ 2,308
Studio Entertainment 1,599 1,773 (10)% 1,599 1,773
Theme Parks & Resorts 1,577 1,442 9% 1,577 1,442
Consumer Products 903 958 (6)% 917 998
$ 6,816 $ 6,481 5% $ 6,830 6,521
Operating Income (Loss): (1)
Media Networks $ 642 $ 371 73 % $ 642 $ 371
Studio Entertainment 23 143 (84)% 23 143
Theme Parks & Resorts 363 343 6% 363 343
Consumer Products 207 290 (29)% 208 293
Amortization of Intangible
Assets (111) (107) (4)% (111) (108)
1,124 1,040 8% 1,125 1,042
Gain on Sale of Fairchild 243
Operating Income $ 1,124 $ 1,040 8% $ 1,368 $ 1,042
(1) Segment results exclude intangible asset amortization and include depreciation as follows:
Media Networks $ 34 $ 31 $ 34 $ 31
Studio Entertainment 15 16 15 16
Theme Parks & Resorts 139 120 139 120
Consumer Products 26 31 26 31
$ 214 $ 198 $ 214 $ 198
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13. Table B
CABLE TELEVISION ACTIVITIES
(Unaudited; in millions)
Quarter Ended December 31
1999 1998 % Change
Operating Income:
Cable Networks $ 297 $ 223 33 %
Equity Investments:
A&E, Lifetime and E! Entertainment Television 150 102 47 %
Other 18 17 6%
465 342 36 %
Partner Share of Operating Income (149) (100) (49)%
Disney Share of Operating Income $ 316 $ 242 31 %
Note: Amounts presented in this table represent 100% of the operating income for all of
the Company’s cable businesses. The Disney share of Operating Income represents the
Company’s ownership interest in Cable Television Operating Income. Cable Networks
are reported in “Operating Income” in the statements of income. Equity Investments are
accounted for under the equity method and the Company’s proportionate share of the
net income of its cable equity investments is reported in “Corporate and Other
Activities” in the statements of income.
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14. The Walt Disney Company
CONSOLIDATED STATEMENTS OF INCOME
For the Quarter Ended December 31
(Unaudited, in millions)
Pro forma As-Reported
1999 1998 1999 1998
REVENUES $ 6,942 $6,593 $ 6,932 $ 6,597
COSTS AND EXPENSES (5,790) (5,475) (5,785) (5,451)
AMORTIZATION OF INTANGIBLE ASSETS (344) (334) (226) (108)
GAIN ON SALE OF FAIRCHILD - - 243 -
GAIN ON SALE OF STARWAVE - - - 345
OPERATING INCOME 808 784 1,164 1,383
CORPORATE AND OTHER ACTIVITIES 5 (23) 3 (38)
EQUITY IN INFOSEEK LOSS - - (41) (84)
NET INTEREST EXPENSE (193) (162) (197) (164)
INCOME BEFORE INCOME TAXES AND
MINORITY INTERESTS 620 599 929 1,097
INCOME TAXES (346) (329) (590) (453)
MINORITY INTERESTS (24) (22) (24) (22)
NET INCOME $ 250 $ 248 $ 315 $ 622
14