- 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.
- 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 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
- 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 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.
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 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.
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.
- 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 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
- 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 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.
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 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.
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.
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.
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.
- 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.
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 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.
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.
- 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.
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 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.
- 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.
- 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 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.
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, 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.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2004. Revenue increased 1% to $2.31 billion in Q4 2004 and 5% to $9.4 billion for the full year. Income was $214 million in Q4 2004 and $845.8 million for the full year. The company's radio broadcasting revenues grew 2% for the year due to strength in small and mid-sized markets. Outdoor advertising revenues increased 13% from higher rates and occupancy. The company will continue focusing on improving operations and driving profitability across its businesses.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2002. For the fourth quarter, revenues increased 19% to $2.2 billion and EBITDA increased 68% to $579 million. For the full year, revenues increased 6% to $8.4 billion and EBITDA rose 14% to $2.2 billion. Radio revenues increased 10% for the quarter and 8% for the year. Outdoor revenues grew 17% for the quarter and 6% for the year. Entertainment revenues were up 28% for the quarter but down 1% for the year. The company had strong free cash flow of $273 million for the quarter and $1.25 billion for the full year. Management credited
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.
news corp 2nd Qtr - FY09 - December 31, 2008 - US Dollarsfinance9
News Corporation reported financial results for the second quarter of fiscal year 2009. While revenue was $7.9 billion, adjusted operating income declined 42% to $818 million due to weakness across many business segments. A $8.4 billion non-cash impairment charge related to goodwill and assets resulted in a net loss of $6.4 billion for the quarter. The company is implementing cost cuts in response to the economic downturn.
CBS Corporation reported financial results for the fourth quarter and full year of 2005, which were the final reporting periods for the former Viacom prior to its separation into CBS Corporation and new Viacom Inc. on December 31, 2005. For the fourth quarter, revenues increased 2% to $3.8 billion while operating income increased 3% to $647 million, excluding a $9.5 billion non-cash impairment charge. For the full year, free cash flow increased 10% to $1.5 billion while revenues were flat at $14.54 billion and operating income decreased 6% to $2.7 billion, excluding impairment charges. The company also announced initiatives to increase the dividend, launch The CW network,
Omnicom reported strong financial results for 2007, with revenue increasing 11.6% to $12.7 billion and net income growing 13% to $976 million. Diluted earnings per share rose 18% to $2.95. The company continued to invest in its businesses, adding capabilities and talent to better serve major clients globally. Omnicom agencies received numerous awards for creative excellence. Looking ahead, Omnicom is well positioned with a diversified portfolio to navigate potential economic challenges while continuing to deliver consistent long-term results.
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 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 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.
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.
- 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.
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 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.
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.
- 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.
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 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.
- 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.
- 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 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.
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, 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.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2004. Revenue increased 1% to $2.31 billion in Q4 2004 and 5% to $9.4 billion for the full year. Income was $214 million in Q4 2004 and $845.8 million for the full year. The company's radio broadcasting revenues grew 2% for the year due to strength in small and mid-sized markets. Outdoor advertising revenues increased 13% from higher rates and occupancy. The company will continue focusing on improving operations and driving profitability across its businesses.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2002. For the fourth quarter, revenues increased 19% to $2.2 billion and EBITDA increased 68% to $579 million. For the full year, revenues increased 6% to $8.4 billion and EBITDA rose 14% to $2.2 billion. Radio revenues increased 10% for the quarter and 8% for the year. Outdoor revenues grew 17% for the quarter and 6% for the year. Entertainment revenues were up 28% for the quarter but down 1% for the year. The company had strong free cash flow of $273 million for the quarter and $1.25 billion for the full year. Management credited
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.
news corp 2nd Qtr - FY09 - December 31, 2008 - US Dollarsfinance9
News Corporation reported financial results for the second quarter of fiscal year 2009. While revenue was $7.9 billion, adjusted operating income declined 42% to $818 million due to weakness across many business segments. A $8.4 billion non-cash impairment charge related to goodwill and assets resulted in a net loss of $6.4 billion for the quarter. The company is implementing cost cuts in response to the economic downturn.
CBS Corporation reported financial results for the fourth quarter and full year of 2005, which were the final reporting periods for the former Viacom prior to its separation into CBS Corporation and new Viacom Inc. on December 31, 2005. For the fourth quarter, revenues increased 2% to $3.8 billion while operating income increased 3% to $647 million, excluding a $9.5 billion non-cash impairment charge. For the full year, free cash flow increased 10% to $1.5 billion while revenues were flat at $14.54 billion and operating income decreased 6% to $2.7 billion, excluding impairment charges. The company also announced initiatives to increase the dividend, launch The CW network,
Omnicom reported strong financial results for 2007, with revenue increasing 11.6% to $12.7 billion and net income growing 13% to $976 million. Diluted earnings per share rose 18% to $2.95. The company continued to invest in its businesses, adding capabilities and talent to better serve major clients globally. Omnicom agencies received numerous awards for creative excellence. Looking ahead, Omnicom is well positioned with a diversified portfolio to navigate potential economic challenges while continuing to deliver consistent long-term results.
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 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.
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.
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]
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.
JBL Advisors initiates coverage on The Walt Disney Company (DIS) with an Outperform rating and $124 price target. Key points:
- Disney has a portfolio of uniquely profitable brands and franchises that make it a core holding for growth investors.
- Theme parks are benefiting from economic recovery and profitable expansion that will boost operating margins.
- ESPN and Disney's cable networks will continue to drive strong earnings growth over the next two years.
- Acquisitions of Lucasfilm and Marvel enhance Disney's creative resources across its businesses.
- The analyst forecasts double-digit earnings growth from 2015-2017 driven by contributions from most business segments.
Viacom reported record fourth quarter and full year 2002 results. For Q4, revenues increased 12% to $6.8 billion and operating income increased to $1.3 billion. For the full year, revenues increased 6% to $24.6 billion and operating income increased to $4.6 billion. The strong results were driven by growth across all business segments, especially cable networks, television, and entertainment. Viacom expects mid-single digit revenue growth and double-digit EBITDA growth for full year 2003.
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.
news corp 4th Qtr - FY05 - June 30, 2005 - US Dollars finance9
News Corporation reported record financial results for the fiscal year ended June 30, 2005, with revenues increasing 15% to $23.9 billion and operating income growing 22% to $3.6 billion. Operating income increased across all segments, led by double-digit growth at Filmed Entertainment, Cable Network Programming, Magazines and Inserts, and Newspapers. The company also completed several strategic acquisitions and investments over the fiscal year and ended with over $6 billion in cash.
Clear Channel Communications reported first quarter 2001 results with net revenues up 108% to $1.6 billion and EBITDA up 70% to $404 million compared to first quarter 2000. While most segments saw declines in revenue and operating cash flow due to difficult year-over-year comparisons, after-tax cash flow per share increased 2% to $0.52. The company withdrew full-year guidance due to uncertainty but forecasted a 1% increase in after-tax cash flow per share for the second quarter.
- News Corporation reported record revenue and operating income for the fourth fiscal quarter and full year ended June 30, 2004.
- Fourth quarter revenue increased 20% to $5.5 billion and operating income increased 31% to $747 million. Full year revenue increased 20% to $21 billion and operating income increased 21% to a record $3.1 billion.
- Net profit increased 57% for the full year to a record $1.6 billion, driven by double-digit growth across most business segments, including filmed entertainment, cable networks, and newspapers.
- Clear Channel reported a 4% decrease in revenue and a 59% decrease in net income for Q1 2005 compared to Q1 2004. Revenue declines were seen across radio broadcasting, live entertainment and other divisions.
- Radio broadcasting revenue declined 7% due to a reduction in commercial minutes despite rate increases. Outdoor advertising revenue grew 11% led by increases in bulletins, malls, airports and international revenues.
- Live entertainment revenue fell 17% due to fewer arena shows compared to Q1 2004. Expenses declined across divisions except for outdoor advertising.
- The company repurchased $672 million in stock year-to-date and has $488.5 million remaining in its repurchase program.
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.
- The Walt Disney Company reported earnings for the fourth quarter and fiscal year 2005, with diluted EPS of $1.24 for the year and $0.20 for the quarter.
- Revenues increased 4% to $31.9 billion for the fiscal year and 3% to $7.7 billion for the fourth quarter. Segment operating income increased 4% to $4.7 billion for the fiscal year but decreased 15% to $760 million for the fourth quarter.
- Robert Iger, President and CEO, said the company's strategy of achieving growth through creative content, global expansion, and new technology is working, and Disney is well positioned to take advantage of changes in the media landscape.
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.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
How Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...beulahfernandes8
The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
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Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
1. .
FOR IMMEDIATE RELEASE
January 31, 2005
THE WALT DISNEY COMPANY REPORTS RESULTS FOR THE
QUARTER ENDED DECEMBER 31, 2004
• EPS for the first quarter was $0.35 compared to $0.33 in the prior-year
quarter
• Higher EPS reflected operating income growth at Media Networks
and Parks and Resorts offset by a decrease at Studio Entertainment
BURBANK, Calif. – The Walt Disney Company today reported
earnings for its first quarter of fiscal 2005.
Diluted earnings per share for the quarter were $0.35, compared to
the prior-year quarter earnings per share of $0.33.
Earnings per share for the quarter includes a $24 million benefit from
the resolution of certain income tax matters and restructuring and
impairment charges totaling $17 million ($11 million after tax) related to
the sale of the Disney Store North America. Together, these items resulted
in a net benefit to EPS of approximately $0.01. Additionally, as a result of a
reporting calendar change effective for fiscal 2005, the current quarter
included an incremental day, which resulted in an estimated $0.01 EPS
benefit.
1
2. .
“It is very gratifying to see the Company’s strong performance
continue into the new fiscal year. We remain confident in achieving
double-digit earnings growth in 2005, thanks in part to the resurgence in
ratings at ABC, the outstanding performance of ESPN and the recovery at
our theme parks, which exemplify the strong and broad-based
fundamentals of our company,” said Michael Eisner, CEO of the Walt
Disney Company. “We still have much to look forward to during the
year, such as the celebration of Disneyland’s 50th anniversary, the opening
of Hong Kong Disneyland and the DVD release of Disney/Pixar’s The
Incredibles. Disney’s ongoing success provides testament to the strength of
our company and the strength of our management team.”
Revenues, segment operating income, net income and diluted
earnings per share amounts for the quarter were as follows (in millions,
except per share amounts):
Quarter Ended
December 31,
2004 2003 % Change
Revenues $ 8,666 $ 8,549 1%
Segment operating income 1,289 1,271 1%
Net income 723 688 5%
Diluted earnings per share $ 0.35 $ 0.33 6%
Operating Results
Media Networks
Media Networks revenues for the quarter increased 11% to $3.5
billion and segment operating income increased 36% to $467 million.
Segment operating income attributable to cable increased by $131
million, primarily due to higher affiliate revenues at ESPN which were
2
3. .
driven by contractual rate adjustments. Additionally, advertising revenue
increased at ESPN due primarily to higher rates and at ABC Family due to
improved ratings. These increases were partially offset by higher
programming and other administrative costs at ESPN.
Segment operating income attributable to broadcasting decreased by
$8 million, primarily due to a decrease at the ABC Television Network,
partially offset by an increase at the Company’s owned television stations.
At the ABC Television Network, increased advertising revenues due
to more NFL and college football broadcasts in the current quarter were
more than offset by the associated programming costs, while the owned
television stations benefited from increased political advertising revenues.
See Table A for further detail of Media Networks results.
Parks and Resorts
Parks and Resorts revenues for the quarter increased 30% to $2.1
billion, and segment operating income increased 11% to $258 million. The
consolidation of Euro Disney and Hong Kong Disneyland contributed $369
million of the increase in revenue and reduced operating income by $6
million. See tables C, D, E and F for the impact of consolidating Euro
Disney and Hong Kong Disneyland. Excluding the consolidation impact,
revenue grew $118 million, or 7%, and segment operating income
increased $32 million, or 14%. The growth was due to increased theme
park attendance and hotel occupancy at the Walt Disney World Resort, as
well as higher per capita guest spending at the Disneyland Resort,
primarily due to ticket price increases, fewer promotional discounts and
the introduction of new ticket media.
3
4. .
Higher visitation at Walt Disney World from both international and
domestic tourists and local Florida residents reflected a strong holiday
period and continued improvements in travel and tourism.
Costs and expenses increased $461 million for the quarter, of which
$375 million was due to the consolidation of Euro Disney and, to a lesser
extent, Hong Kong Disneyland. The remaining increase of $86 million was
primarily driven by higher labor and other volume-related expenses as
well as increased fixed charges related to new guest offerings.
Studio Entertainment
Studio Entertainment revenue for the quarter decreased 20% to $2.4
billion, and segment operating income decreased 27% to $333 million.
Lower segment operating income was primarily driven by a decline
in worldwide home entertainment, partially offset by improvements in
domestic theatrical motion picture distribution and television distribution
as well as lower production write-offs. The decrease in worldwide home
entertainment (home video) results reflected lower DVD sales of current
year titles as compared to the prior-year quarter, which included the strong
performances of Disney/Pixar’s Finding Nemo, Pirates of the Caribbean and
The Lion King Platinum Release. Domestic theatrical motion picture
distribution results reflected stronger performances by current-year titles,
including The Incredibles and National Treasure, as compared to the prior
year which included Brother Bear and Haunted Mansion. The improvement
in television distribution reflected a higher number of strong performing
current-quarter titles, which included Cold Mountain, Scary Movie 3 and Bad
Santa.
4
5. .
Consumer Products
Revenues for the quarter decreased 14% to $725 million and segment
operating income decreased 3% to $231 million.
Decreased revenues and operating income were primarily due to the
absence of the holiday season profits at the Disney Store, which was sold in
mid-November. Revenues and segment operating income for the other
lines of business increased 10% and 11%, respectively, due to increases at
Buena Vista Games and in merchandise licensing.
Growth at Buena Vista Games reflected the recognition of contractual
minimum guarantee revenue and strong Game Boy Advance sales driven
by Lizzie McGuire 2, That’s so Raven, and Lilo and Stitch 2 titles. Growth in
merchandise licensing reflected higher sales in all categories, in particular
home and infant furnishings and fast moving consumer goods.
In connection with the sale of the Disney Store chain in North
America effective November 21, 2004, the Company recorded a loss and
additional restructuring and impairment charges totaling $17 million,
which were in addition to previously disclosed charges and were primarily
for working capital adjustments and employee severance and retention
costs.
Corporate and Unallocated Shared Expenses
Corporate and unallocated shared expenses increased 10% to $113
million, primarily due to increases in incentive compensation accruals and
restricted stock expense.
5
6. .
Net Interest Expense
Net interest expense was as follows (in millions):
Quarter Ended
December 31,
2004 2003
Interest expense $ (162) $ (148)
Interest and investment income 22 —
Net interest expense $ (140) $ (148)
Interest expense increased by $14 million to $162 million reflecting an
increase of $21 million due to the consolidation of Euro Disney and Hong
Kong Disneyland as well higher average effective interest rates, partially
offset by decreases due to lower average debt balances.
Interest and investment income of $22 million in the current-year
quarter reflects a gain on the sale of a technology start-up company, in
which the Company’s venture capital subsidiary, Steamboat Ventures, had
a minority interest.
Equity in the Income of Investees
Income from equity investees, consisting primarily of A&E
Television, Lifetime Television, E! Entertainment Television and
international cable ventures, increased 29% to $125 million for the quarter,
primarily due to increases at the international cable ventures and the
absence of equity losses from Euro Disney which totaled $16 million in the
prior-year quarter. Euro Disney was accounted for under the equity
method in the prior year quarter and is consolidated in the current-year
period. Increases at the international cable ventures were driven by certain
tax and legal settlements.
6
7. .
Income Taxes
The effective income tax rate was 34.4% for the quarter compared to
36.8% in the prior-year quarter. The decrease was primarily due to the
favorable resolution of an income tax matter that resulted in a $24 million
tax reserve release which resulted in a 2.1% reduction in the first quarter
effective income tax rate.
Borrowings and Cash Flow
Total borrowings and net borrowings are detailed below (in
millions):
Dec. 31, Sept. 30,
2004 2004 Change
Current portion of borrowings $ 3,405 $ 4,093 $ (688)
(1)
Long-term borrowings 10,309 9,395 914
Total borrowings 13,714 13,488 226
Less: cash and cash equivalents (2,166) (2,042) (124)
Net borrowings (2) $ 11,548 $ 11,446 $ 102
Net borrowings (2) $ 11,548 $ 11,446 $ 102
Less: net borrowings of Euro Disney
and Hong Kong Disneyland (2,833) (2,454) (379)
Net borrowings excluding Euro Disney
and Hong Kong Disneyland (3) $ 8,715 $ 8,992 $ (277)
(1) All of Euro Disney’s borrowings totaling $2.4 billion are classified as current liabilities in the
consolidated balance sheet as they are subject to acceleration if the current restructuring plan is
not finalized.
(2) Net borrowings is a non-GAAP financial metric. See the discussion of non-GAAP financial
metrics that follows.
(3) Net borrowings excluding Euro Disney and Hong Kong Disneyland is a non-GAAP financial
metric. See the discussion of non-GAAP financial metrics that follows below.
Net borrowings excluding Euro Disney and Hong Kong Disneyland
decreased from $9.0 billion at September 30, 2004 to $8.7 billion at
December 31, 2004.
7
8. .
Cash provided (used) by operations and free cash flow are detailed
below (in millions):
Quarter Ended
December 31,
2004 2003 Change
Cash provided (used) by operations $ 156 $ (2) $ 158
Investments in parks, resorts and
other property (347) (208) (139)
Free cash flow (1) $ (191) $ (210) $ 19
(1) Free cash flow is a non-GAAP financial metric. See the discussion of non-GAAP
financial metrics that follows below.
Free cash flow for the quarter reflected an increase of $158 million in
cash provided by operations, partially offset by an increase of $139 million
in capital expenditures. The increase in cash provided by operations was
primarily due to higher earnings and decreased working capital utilization,
partially offset by a decrease of $66 million due to the consolidation of
Euro Disney and Hong Kong Disneyland (see Table E). Increased capital
expenditures were due to the consolidation of Euro Disney and Hong
Kong Disneyland which added $147 million of capital expenditures. Euro
Disney and Hong Kong Disneyland had negative free cash flow of $213
million (see Table E) and free cash flow from all other operations totaled
$22 million for the quarter, an increase of $232 million over the prior-year
quarter of ($210 million) as detailed above.
In connection with the sale of the Disney Store in North America, the
Company received $100 million for the working capital transferred to the
buyer which is reported in investing activities in the Condensed
Consolidated Statement of Cash Flows.
8
9. .
Investments in parks, resorts and other property by segment are as
follows (in millions):
Quarter Ended
December 31,
2004 2003
Media Networks $ 33 $ 27
Parks and Resorts:
Domestic 144 133
International(1) 147 —
Studio Entertainment 8 9
Consumer Products 1 3
Corporate and unallocated shared expenditures 14 36
$ 347 $ 208
(1) Represents 100% of Euro Disney and Hong Kong Disneyland’s capital expenditures
beginning April 1, 2004. Capital expenditures for Hong Kong Disneyland totaled $141
million. Of that amount, $114 million was funded by partner contributions and
borrowings, which are reflected in financing activities in the Condensed Consolidated
Statement of Cash Flows.
Reporting Period Change
Effective with the beginning of fiscal 2005 and in connection with the
completion of the Company’s implementation of new company-wide
accounting systems in late fiscal 2004, the Company changed its reporting
period from a calendar period end to a period end that coincides with the
cut off of the Company’s accounting systems. The accounting systems cut
off on the Saturday closest to the calendar quarter end. Accordingly, the
first quarter of fiscal 2005 ended on January 1, 2005 whereas the first
quarter of the prior-year ended on December 31, 2003. For convenience
purposes, we will continue to date our financial statements as of the
calendar quarter end (e.g. December 31, 2004). We estimate the impact of
the incremental day was approximately a $0.01 benefit to EPS for the
quarter. As a result of this change, fiscal 2005 will end on October 1, 2005
and accordingly, the full year will also include one additional day.
9
10. .
Non-GAAP Financial Metrics
This earnings release presents net borrowings, net borrowings
excluding Euro Disney and Hong Kong Disneyland, free cash flow and
aggregate segment operating income which are important financial metrics
for the Company but are not GAAP-defined metrics.
Net borrowings – The Company believes that net borrowings provide
investors with useful information regarding our financial condition. Net
borrowings reflect the subtraction of cash and cash equivalents from total
borrowings. Since we earn interest income on our cash balances that
offsets a portion of the interest expense we pay on our borrowings, net
borrowings can be used as a measure to gauge net interest expense. In
addition, a portion of our cash and cash equivalents is available to repay
outstanding indebtedness when the indebtedness matures or when other
circumstances arise. However, we may not immediately apply cash and
cash equivalents to the reduction of debt, nor do we expect that we would
use all of our available cash and cash equivalents to repay debt in the
ordinary course of business.
Net borrowings excluding Euro Disney and Hong Kong Disneyland – The
Company uses net borrowings excluding Euro Disney and Hong Kong
Disneyland to evaluate direct claims on the general assets of the Company
separate from the direct claims on the assets of Euro Disney and Hong
Kong Disneyland. The Company believes that this information is useful to
investors because it allows investors to evaluate the effects on our
borrowings and cash and cash equivalents resulting from the adoption of
FIN 46R.
10
11. .
The following table reconciles net borrowings excluding Euro Disney
and Hong Kong Disneyland to total borrowings and net borrowings at
December 31, 2004 (in millions):
Amounts
excluding Euro Euro Disney
Disney and Hong and Hong Kong
Kong Disneyland Disneyland Total
Current portion of borrowings $ 965 $ 2,440 $ 3,405
Long-term borrowings 9,675 634 10,309
Total borrowings 10,640 3,074 13,714
Cash and cash equivalents (1,925) (241) (2,166)
Net borrowings $ 8,715 $ 2,833 $ 11,548
Free cash flow - The Company uses free cash flow (cash flow from
operations less investments in parks, resorts and other property), among
other measures, to evaluate the ability of its operations to generate cash
that is available for purposes other than capital expenditures.
Management believes free cash flow provides investors with an important
perspective on the cash available to service debt, make strategic
acquisitions and investments and pay dividends.
Aggregate segment operating income - The Company evaluates the
performance of its operating segments based on segment operating
income, and management uses aggregate segment operating income as a
measure of the performance of operating businesses separate from non-
operating factors. The Company believes that aggregate segment
operating income assists investors by allowing them to evaluate changes in
the operating results of the Company's portfolio of businesses separate
from non-operational factors that affect net income, thus providing
separate insight into both operations and the other factors that affect
reported results.
11
12. .
These measures should be used in conjunction with GAAP financial
measures and are not presented as alternative measures of borrowings,
cash flow or net income as determined in accordance with GAAP. Net
borrowings, net borrowings excluding Euro Disney and Hong Kong
Disneyland, free cash flow and aggregate segment operating income as we
have calculated them may not be comparable to similarly titled measures
reported by other companies.
12
13. .
FORWARD-LOOKING STATEMENTS
Management believes certain statements in this earnings release may
constitute “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are made on the
basis of management’s views and assumptions regarding future events
and business performance as of the time the statements are made and
management does not undertake any obligation to update these
statements. Actual results may differ materially from those expressed or
implied. Such differences may result from actions taken by the Company,
including restructuring or strategic initiatives and information technology
improvements, as well as from developments beyond the Company’s
control, including international, political, health concern, weather related
and military developments that may affect travel and leisure businesses
generally and changes in domestic and global economic conditions that
may, among other things, affect the performance of the Company’s
theatrical and home entertainment releases, the advertising market for
broadcast and cable television programming, expenses of providing
medical and pension benefits and demand for consumer products.
Changes in domestic competitive conditions and technological
developments may also affect performance of all significant company
businesses.
Additional factors are set forth in the Company’s Annual Report on
Form 10-K for the year ended September 30, 2004 under the heading
“Factors that may affect forward-looking statements.”
13
14. .
The Walt Disney Company
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in millions, except per share data)
Quarter Ended
December 31,
2004 2003
Revenues $ 8,666 $ 8,549
Costs and expenses (7,492) (7,384)
Restructuring and impairment charges (17) —
Net interest expense (140) (148)
Equity in the income of investees 125 97
Income before income taxes and minority interests 1,142 1,114
Income taxes (393) (410)
Minority interests (26) (16)
Net income $ 723 $ 688
Earnings per share:
Diluted (1) $ 0.35 $ 0.33
Basic $ 0.35 $ 0.34
Average number of common and common equivalent
shares outstanding:
Diluted 2,107 2,099
Basic 2,042 2,045
(1) The calculation of diluted earnings per share assumes the conversion of the Company’s convertible senior
notes issued in April 2003, and adds back interest expense (net of tax) of $5 million and $5 million for the
quarters ended December 31, 2004 and December 31, 2003, respectively.
14
15. .
The Walt Disney Company
SEGMENT RESULTS
(unaudited, in millions)
Quarter Ended
December 31,
2004 2003 Change
Revenues:
$ 3,461 $ 11 %
3,114
Media Networks
2,118 1,631
Parks and Resorts 30 %
2,362 2,964
Studio Entertainment (20)%
725 840
Consumer Products (14)%
$ 8,666 $ 1%
8,549
Segment operating income:
$ 467 $ 36 %
344
Media Networks
258 11 %
232
Parks and Resorts
333 (27)%
458
Studio Entertainment
231 (3)%
237
Consumer Products
$ 1,289 $ 1%
1,271
The Company evaluates the performance of its operating segments based on segment operating income. A
reconciliation of segment operating income to income before income taxes and minority interests is as follows:
Quarter Ended
December 31,
2004 2003
Segment operating income $ 1,289 $ 1,271
Corporate and unallocated shared expenses (113) (103)
Amortization of intangible assets (2) (3)
Restructuring and impairment charges (17) —
Net interest expense (140) (148)
Equity in the income of investees 125 97
Income before income taxes and minority interests $ 1,142 $ 1,114
Depreciation expense is as follows:
Quarter Ended
December 31,
2004 2003
Media Networks $ 43 $ 42
Parks and Resorts
Domestic 186 177
International(1) 50 —
Studio Entertainment 5 4
Consumer Products 6 13
Segment depreciation expense 290 236
Corporate 34 37
Total depreciation expense $ 324 $ 273
Segment depreciation expense is included in segment operating income and corporate depreciation expense
is included in corporate and unallocated shared expenses.
(1) Represents 100% of Euro Disney and Hong Kong Disneyland’s depreciation expense which were
consolidated beginning April 1, 2004, the start of the Company’s third quarter of fiscal 2004.
The Walt Disney Company
15
16. .
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
December 31, September 30,
2004 2004
(unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 2,166 $ 2,042
Receivables 5,334 4,558
Inventories 658 775
Television costs 689 484
Deferred income taxes 778 772
Other current assets 753 738
Total current assets 10,378 9,369
Film and television costs 6,089 5,938
Investments 1,348 1,292
Parks, resorts and other property, at cost
Attractions, buildings and equipment 25,767 25,168
Accumulated depreciation (12,148) (11,665)
13,619 13,503
Projects in progress 2,066 1,852
Land 1,142 1,127
16,827 16,482
Intangible assets, net 2,805 2,815
Goodwill 16,966 16,966
Other assets 1,036 1,040
$ 55,449 $ 53,902
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and other accrued liabilities $ 6,259 $ 5,623
Current portion of borrowings 3,405 4,093
Unearned royalties and other advances 1,600 1,343
Total current liabilities 11,264 11,059
Borrowings 10,309 9,395
Deferred income taxes 2,881 2,950
Other long-term liabilities 3,750 3,619
Minority interests 909 798
Commitments and contingencies
Shareholders’ equity
Preferred stock, $.01 par value
Authorized – 100 million shares, Issued – none — —
Common stock
Common stock – Disney, $.01 par value
Authorized – 3.6 billion shares, Issued – 2.1 billion shares 12,559 12,447
Common stock – Internet Group, $.01 par value
Authorized – 1.0 billion shares, Issued – none — —
Retained earnings 15,965 15,732
Accumulated other comprehensive loss (315) (236)
28,209 27,943
Treasury stock, at cost, 102.0 million shares at December 31, 2004
and 101.6 million shares at September 30, 2004 (1,873) (1,862)
26,336 26,081
$ 55,449 $ 53,902
The Walt Disney Company
16
17. .
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Quarter Ended
December 31,
2004 2003
OPERATING ACTIVITIES
Net income $ 723 $ 688
Depreciation 324 273
Deferred income taxes 10 76
Equity in the income of investees (125) (97)
Cash distributions received from equity investees 63 56
Minority interests 26 16
Film and television cost amortization 770 807
Film and television cost spending (678) (635)
Changes in noncurrent assets and liabilities, and other 178 201
568 697
Changes in working capital (1,135) (1,387)
Cash provided (used) by operations 156 (2)
INVESTING ACTIVITIES
Investments in parks, resorts and other property (347) (208)
Working capital proceeds from the Disney Store North America sale 100 —
Other 8 45
Cash used by investing activities (239) (163)
FINANCING ACTIVITIES
Borrowings 88 —
Reduction of borrowings (832) (1,073)
Commercial paper borrowings, net 847 1,086
Repurchases of common stock (11) —
Minority partner contributions 36 —
Exercise of stock options and other 79 31
Cash provided by financing activities 207 44
Increase (decrease) in cash and cash equivalents 124 (121)
Cash and cash equivalents, beginning of period 2,042 1,583
Cash and cash equivalents, end of period $ 2,166 $ 1,462
17
19. .
Table B
The following table reflects pro forma net income and earnings per share had the Company elected to
record stock option expense based on the fair value approach methodology:
Quarter Ended
December 31,
(unaudited, in millions, except per share data) 2004 2003
Net income:
As reported $ 723 $ 688
Pro forma after option expense 676 631
Diluted earnings per share:
As reported 0.35 0.33
Pro forma after option expense 0.32 0.30
These pro forma amounts may not be representative of future disclosures since the estimated fair value of
stock options is amortized to expense over the vesting period, and additional options may be granted in future
years. The pro forma amounts assume that the Company had been following the fair value approach since the
beginning of fiscal 1996.
Fully diluted shares outstanding and diluted earnings per share include the effect of in-the-money stock
options calculated based on the average share price for the period and assumes conversion of the Company’s
convertible senior notes. The dilution from employee options increases as the Company’s share price increases, as
shown below:
Percentage of
Average Total Incremental Average Hypothetical
Disney In-the-Money Diluted Shares Q1 2005
Share Price Options Shares (1) Outstanding EPS Impact (3)
$ 26.30 135 mil — (2) — $ 0.000
30.00 155 mil 10 mil 0.47% (0.002)
40.00 215 mil 35 mil 1.66% (0.006)
50.00 223 mil 53 mil 2.52% (0.008)
(1) Represents the incremental impact on fully diluted shares outstanding assuming the average share
prices indicated, using the treasury stock method. Under the treasury stock method, the proceeds that
would be received from the exercise of all in-the-money options are assumed to be used to repurchase
shares.
(2) Fully diluted shares outstanding for the quarter ended December 31, 2004 total 2,107 million and
include the dilutive impact of in-the-money options at the average share price for the period of $26.30
and assumes conversion of the convertible senior notes. At the average share price of $26.30, the
dilutive impact of in-the-money options was 20 million shares for the quarter.
(3) Based upon Q1 2005 earnings of $723 million or $0.35 diluted earnings per share.
19
20. .
Table C
The Walt Disney Company
CONDENSED CONSOLIDATING INCOME STATEMENT WORKSHEET
(unaudited, in millions)
The Company adopted FASB Interpretation No. 46, Consolidation of Variable Interest Entities (FIN 46R) in
December 2003, and as a result, began consolidating the balance sheets of Euro Disney and Hong Kong
Disneyland on March 31, 2004. The Company began consolidating the income and cash flow statements of Euro
Disney and Hong Kong Disneyland beginning April 1, 2004. Under FIN 46R transition rules, the operating results
and cash flows of Euro Disney and Hong Kong Disneyland continued to be accounted for on the equity method
for the first six-months of fiscal 2004. This table C as well as tables D, E and F that follow, provide supplemental
information on the impact of consolidating Euro Disney and Hong Kong Disneyland.
The following supplemental worksheet presents the condensed consolidating income statement of the
Company for the quarter ended December 31, 2004, reflecting the impact of consolidating the income statements
of Euro Disney and Hong Kong Disneyland.
Before Euro
Disney and
Hong Kong Euro Disney, Hong
Disneyland Kong Disneyland and
Quarter Ended December 31, 2004 Consolidation Adjustments Total
Revenues $ 8,297 $ 369 $ 8,666
Cost and expenses (7,117) (375) (7,492)
Restructuring and impairment charges (17) — (17)
Net interest expense (120) (20) (140)
Equity in the income of investees 104 21 125
1,147 1,142
Income before income taxes and minority interests (5)
Income taxes (394) 1 (393)
Minority interests (30) 4 (26)
Net income $ 723 $ — $ 723
20
21. .
Table D
The Walt Disney Company
CONDENSED CONSOLIDATING BALANCE SHEET WORKSHEET
(unaudited, in millions)
This supplemental worksheet presents the condensed consolidating balance sheet of the Company,
reflecting the impact of consolidating the balance sheets of Euro Disney and Hong Kong Disneyland as of
December 31, 2004.
Before Euro Euro Disney,
Disney and Hong Kong
Hong Kong Disneyland
Disneyland and
Consolidation Adjustments Total
1,925 $ 241 $ 2,166
Cash and cash equivalents $
7,965 247 8,212
Other current assets
9,890 488 10,378
Total current assets
2,114 (766) 1,348
Investments
12,442 4,385 16,827
Fixed assets
2,805 2,805
Intangible assets —
16,966 16,966
Goodwill —
6,991 134 7,125
Other assets
51,208 $ 4,241 $ 55,449
Total assets $
965 2,440 3,405
Current portion of borrowings (1) $ $ $
7,288 571 7,859
Other current liabilities
8,253 3,011 11,264
Total current liabilities
9,675 634 10,309
Borrowings
2,881 2,881
Deferred income taxes —
3,548 202 3,750
Other long term liabilities
515 394 909
Minority interests
26,336 26,336
Shareholders' equity —
51,208 $ 4,241 $ 55,449
Total liabilities and shareholders' equity $
__________
(1) All of Euro Disney's borrowings are classified as current as they are subject to acceleration if the
current restructuring plan is not completed.
21
22. .
Table E
The Walt Disney Company
CONDENSED CONSOLIDATING CASH FLOW STATEMENT WORKSHEET
(unaudited, in millions)
The following supplemental worksheet presents the condensed consolidating cash flow statement of the
Company for the quarter ended December 31, 2004, reflecting the impact of consolidating the cash flow
statements of Euro Disney and Hong Kong Disneyland.
Before Euro Euro Disney,
Disney and Hong Kong
Hong Kong Disneyland
Disneyland and
Consolidation Adjustments Total
Cash provided (used) by operations $ 222 $ (66) $ 156
Investments in parks, resorts and other property (200) (147) (347)
Free cash flow 22 (213) (191)
Other investing activities 81 27 108
Cash provided by financing activities 92 115 207
Increase (decrease) in cash and cash equivalents 195 (71) 124
Cash and cash equivalents, beginning of period 1,730 312 2,042
Cash and cash equivalents, end of period $ 1,925 $ 241 $ 2,166
22
23. .
Table F
The Walt Disney Company
QUARTERLY CONDENSED CONSOLIDATED INCOME STATEMENT WORKSHEET
Fiscal Year 2004
(unaudited, in millions, except per share data)
This supplemental worksheet presents quarterly and year-to-date operating results for fiscal 2004 as if the
Company had consolidated the income statements of Euro Disney and Hong Kong Disneyland commencing at the
beginning of the fiscal year.
Three Three Three Three
Months Months Months Months Year
Ended Ended Ended Ended Ended
Dec 31, 2003 Mar 31, 2004 June 30, 2004 Sept 30, 2004 Sept 30, 2004
Revenues:
Media Networks $ 3,114 $ 2,846 $ 2,931 $ 2,887 $ 11,778
Parks and Resorts 1,944 1,940 2,288 2,162 8,334
Studio Entertainment 2,964 2,162 1,711 1,876 8,713
Consumer Products 840 512 541 618 2,511
$ 8,862 $ 7,460 $ 7,471 $ 7,543 31,336
$
Segment operating income:
Media Networks $ 344 $ 704 $ 673 $ 448 2,169
$
Parks and Resorts 238 139 421 282 1,080
Studio Entertainment 458 153 28 23 662
Consumer Products 237 75 76 146 534
1,277 1,071 1,198 899 4,445
Corporate and unallocated shared expenses (103) (82) (99) (144) (428)
Amortization of intangible assets (3) (2) (3) (4) (12)
Restructuring and impairment charges — (3) (56) (5) (64)
Net interest expense (181) (183) (151) (171) (686)
Equity in the income of investees 113 124 126 72 435
Income before income taxes and minority interests 1,103 925 1,015 647 3,690
Income taxes (410) (357) (365) (65) (1,197)
Minority interests (5) (31) (46) (66) (148)
Net income $ 688 $ 537 $ 604 $ 516 2,345
$
Earnings per share:
Diluted (1) $ 0.33 $ 0.26 $ 0.29 $ 0.25 1.12
$
Basic $ 0.34 $ 0.26 $ 0.29 $ 0.25 1.14
$
(1) The calculation of diluted earnings per share assumes the conversion of the Company’s convertible senior
notes issued in April 2003, and adds back interest expense (net of tax) of $5 million, $5 million, $5 million, $6
million and $21 million for the first quarter, second quarter, third quarter, fourth quarter and the year,
respectively.
23