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 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 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.
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.
- 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.
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 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.
- 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 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.
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.
- 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.
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 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.
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.
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]
- 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 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.
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 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.
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.
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.
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.
- 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 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.
news corp 3rd Qtr - FY07 - March 31, 2007 - US Dollars finance9
News Corporation reported record operating income of $1.2 billion for the third quarter of 2007, up 23% from the previous year. Several segments contributed to growth, including filmed entertainment with a record $410 million in operating income, up 82% due to strong box office and home entertainment sales. Cable network programming operating income grew 34% on higher affiliate revenues. Direct broadcast satellite television operating income in Italy grew 32% on subscriber additions. Overall revenues increased 21% to $7.5 billion while net income grew 6% to $871 million.
news corp 3rd Qtr - FY08 - March 31, 2008 - US Dollars finance9
News Corporation reported operating income of $1.4 billion for the third quarter of fiscal year 2008, a 16% increase over the previous year. Television operating income increased 53% due to lower programming costs and strong ratings and advertising at FOX. Cable network programming operating income grew 17% from gains at channels like Fox News, FX and international channels. Filmed entertainment operating income decreased due to strong results the previous year. Overall, the company saw revenue growth across many of its business segments.
- 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.
- 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.
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.
- 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.
news corp 4th Qtr - FY08 - June 30, 2008 - US Dollars finance9
News Corporation reported record full year operating income of $5.4 billion, up 21% from the previous fiscal year. All business segments saw increased profits except for Television. Key highlights included record results at Filmed Entertainment, Cable Network Programming, and Direct Broadcast Satellite. Fox News Channel saw a 14% increase in operating income for the quarter and 35% increase for the full year. SKY Italia added over 366,000 subscribers over the past year and saw operating income increase 37% for the quarter and 198% for the full year. HarperCollins had 62 books on the New York Times bestseller list during the quarter.
- News Corporation reported third quarter operating income of $1.0 billion, up 14% from the previous year, due to growth at its television, cable, and magazine segments.
- Net income more than doubled to $820 million, driven by higher operating income and increased equity earnings from affiliates like DIRECTV.
- The company also announced a doubling of its stock repurchase program to $6 billion, having already repurchased $2.5 billion.
news corp 3rd Qtr - FY05 - March 31, 2005 - US Dollarsfinance9
News Corporation reported third quarter operating income of $889 million, up 9% year-over-year. Revenues increased 17% to $6 billion. Cable network programming and filmed entertainment saw double-digit operating income growth. Television operating income declined due to higher programming costs. BSkyB contributions increased while DIRECTV losses widened.
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 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.
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]
- 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 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.
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 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.
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.
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.
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.
- 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 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.
news corp 3rd Qtr - FY07 - March 31, 2007 - US Dollars finance9
News Corporation reported record operating income of $1.2 billion for the third quarter of 2007, up 23% from the previous year. Several segments contributed to growth, including filmed entertainment with a record $410 million in operating income, up 82% due to strong box office and home entertainment sales. Cable network programming operating income grew 34% on higher affiliate revenues. Direct broadcast satellite television operating income in Italy grew 32% on subscriber additions. Overall revenues increased 21% to $7.5 billion while net income grew 6% to $871 million.
news corp 3rd Qtr - FY08 - March 31, 2008 - US Dollars finance9
News Corporation reported operating income of $1.4 billion for the third quarter of fiscal year 2008, a 16% increase over the previous year. Television operating income increased 53% due to lower programming costs and strong ratings and advertising at FOX. Cable network programming operating income grew 17% from gains at channels like Fox News, FX and international channels. Filmed entertainment operating income decreased due to strong results the previous year. Overall, the company saw revenue growth across many of its business segments.
- 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.
- 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.
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.
- 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.
news corp 4th Qtr - FY08 - June 30, 2008 - US Dollars finance9
News Corporation reported record full year operating income of $5.4 billion, up 21% from the previous fiscal year. All business segments saw increased profits except for Television. Key highlights included record results at Filmed Entertainment, Cable Network Programming, and Direct Broadcast Satellite. Fox News Channel saw a 14% increase in operating income for the quarter and 35% increase for the full year. SKY Italia added over 366,000 subscribers over the past year and saw operating income increase 37% for the quarter and 198% for the full year. HarperCollins had 62 books on the New York Times bestseller list during the quarter.
- News Corporation reported third quarter operating income of $1.0 billion, up 14% from the previous year, due to growth at its television, cable, and magazine segments.
- Net income more than doubled to $820 million, driven by higher operating income and increased equity earnings from affiliates like DIRECTV.
- The company also announced a doubling of its stock repurchase program to $6 billion, having already repurchased $2.5 billion.
news corp 3rd Qtr - FY05 - March 31, 2005 - US Dollarsfinance9
News Corporation reported third quarter operating income of $889 million, up 9% year-over-year. Revenues increased 17% to $6 billion. Cable network programming and filmed entertainment saw double-digit operating income growth. Television operating income declined due to higher programming costs. BSkyB contributions increased while DIRECTV losses widened.
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 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 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 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 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 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.
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.
- 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.
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.
news corp 1st Qtr - FY07 - September 30, 2006 - US Dollarsfinance9
News Corporation reported operating income of $851 million for the quarter ended September 30, 2006, down 6% from the previous year. Cable network programming operating income grew 26% due to growth at regional sports networks and FX. Television operating income increased 20% from higher advertising revenues at FOX Network and television stations. Filmed entertainment operating income was $239 million, down from record results the prior year.
Qwest reported solid first quarter 2007 results, with net income increasing 173% year-over-year to $240 million. High-speed internet subscribers grew 37% to over 1.2 million, while data and internet revenue increased 11%. Earnings per share of $0.12 also grew substantially over the prior year. The company continued expanding margins and growing profits through initiatives such as bundling services and reducing operating expenses.
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.
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.
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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.
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Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
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1. FOR IMMEDIATE RELEASE Contact: John Dreyer
November 9, 2000 818-560-5300
THE WALT DISNEY COMPANY REPORTS HIGHER EARNINGS FOR
THE YEAR AND THE QUARTER ENDED SEPTEMBER 30, 2000
BURBANK, Calif. – The Walt Disney Company today reported
increased earnings for Disney (NYSE:DIS), as well as the consolidated
Company which includes the Walt Disney Internet Group, for both the
year and fourth quarter ended September 30, 2000.
DISNEY RESULTS
Full Year Pro Forma EPS Excluding Retained Interest in the Internet
Group Increased 42% to $0.92. Including the Internet Group, EPS
Increased 90% Over Prior-Year Pro Forma Amounts
Disney revenues for the year increased 9% to $25.0 billion and
operating income increased 26% to $4.0 billion on a pro forma basis. Net
income and diluted earnings per share increased 44% and 42% to $1.9
billion and $0.92, respectively, excluding the retained interest in the Walt
Disney Internet Group.
Including the retained interest in the Disney Internet Group, net
income increased 89% to $1.1 billion and diluted earnings per share
increased 90% to $0.55, on a pro forma basis. For the year, the retained
1
2. interest in the Disney Internet Group includes non-cash charges totaling
$648 million ($0.30 per share) for amortization of intangible assets.
quot;2000 was a great year that exceeded expectations which can be
attributed to the tremendous earnings power of Disney's diverse
businesses,quot; said Michael Eisner, chairman and CEO. quot; This year Media
Networks turned in the most impressive gains, while Parks and Resorts
registered its sixth consecutive year of record earnings. Looking ahead, we
are focused on maintaining growth in these assets while positioning
ourselves to better tap into the inherent strength of Studios and Consumer
Products.quot;
Disney Reports Fourth Quarter EPS of $0.20 Excluding its Interest in the
Internet Group, an 82% Increase over Prior-Year Pro Forma Amounts.
Including the Internet Group, Quarterly EPS Increased to $0.11
Disney revenues for the quarter increased 6% to $6.0 billion and
operating income increased to $898 million on a pro forma basis, a 58%
increase excluding restructuring charges in the prior-year quarter totaling
$132 million ($0.04 per share). Net income increased 77% to $417 million
and diluted earnings per share increased to $0.20, excluding the retained
interest in the Disney Internet Group and the prior year restructuring
charges.
Net income and diluted earnings per share increased to $240 million
and $0.11, respectively, including the retained interest in the Disney
Internet Group. For the quarter, Disney’s retained interest in the Disney
Internet Group includes non-cash charges totaling $151 million ($0.06 per
share) for amortization of intangible assets.
2
3. Results for the year include the impact of the sale of the Company’s
stake in Eurosport, a European sports cable service, for $155 million, which
resulted in a $93 million pre-tax gain and an after-tax gain of
approximately $0.02 per share. Results for the prior year include
restructuring charges that were recorded in the fourth quarter totaling $132
million ($0.04 per share). Excluding these two non-recurring items,
earnings per share excluding the retained interest in the Disney Internet
Group increased 32% to $0.90.
As-reported operating income, net income and diluted earnings per
share for the year were $4.3 billion, $1.2 billion and $0.57, respectively. The
as-reported results include a $243 million pre-tax gain on the sale of
Fairchild Publications in the first quarter of the current year. The sale did
not have a material impact on net income as income taxes on the
transaction largely offset the pre-tax gain. The prior-year as-reported
results related to the retained interest in the Disney Internet Group include
a $345 million gain on the sale of Starwave Corporation to Infoseek.
Basis of Presentation
To enhance comparability, the Company has presented operating
results for the current year and prior-year periods on a pro forma basis,
which assumes that the acquisition of the remaining interest in Infoseek,
and subsequent creation of the Disney Internet Group and the disposition
of Fairchild Publications occurred at the beginning of fiscal 1999. The
Company believes that pro forma results provide additional information
useful in analyzing the underlying business results. Unless otherwise
indicated, the following discussion reflects pro forma results.
3
4. Media Networks
Media Networks posted record operating results for both the year
and fourth quarter. Revenues for the year increased 21% to $9.6 billion,
and operating income grew 45% to $2.3 billion. For the quarter, revenues
increased 14% to $2.2 billion, and operating income grew 26% to $460
million.
Broadcasting results for both the year and fourth 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 continued
success of Who Wants to Be a Millionaire. For the year, growth at the
network and stations also reflected higher overall ratings on network
programming. The television stations also benefited from higher spot
advertising rates driven by ABC placing first in both the February and May
sweeps. At the conclusion of the 1999/2000 season, ABC was the number-
one-rated network in total households and the key adult 18-49 year old
demographic. Additionally, the strong advertising market resulted in
growth at the radio networks and stations for the year.
Disney’s share of operating income from cable television activities,
which consists of Disney’s cable networks and cable equity investments,
increased 25% to $1.2 billion for the year and increased 7% to $240 million
for the fourth quarter.
Cable television results for both the year and fourth quarter were
driven by higher affiliate revenue due to subscriber growth and
contractual rate increases and increased advertising revenues driven by a
strong advertising market. In addition, profit increases from cable equity
4
5. investments, including A&E Television, Lifetime Television, E!
Entertainment Television and The History Channel, contributed to
improved results. These increases were partially offset by higher
programming costs at ESPN, principally due to increased sports rights fees,
and by start-up costs associated with the launch of various international
Disney Channels, as well as the January launch of SoapNet.
Cable television results for the year also benefited from the Eurosport
gain.
Parks & Resorts
Parks & Resorts posted record operating results for both the year and
fourth quarter. Revenues for the year increased 11% to $6.8 billion and
operating income grew 10% to $1.6 billion. For the quarter, revenues
increased 10% to $1.7 billion and operating income grew 10% to $362
million.
Parks & Resorts results for both the year and fourth quarter were
driven by increased guest spending and record theme park attendance at
Walt Disney World, increased guest spending and higher attendance at
Disneyland, and improved performance at the Disney Cruise Line,
partially offset by increased costs at Walt Disney World and Disneyland.
At Walt Disney World, higher guest spending, record theme park
attendance and associated operating costs were driven by the ongoing
Millennium Celebration. At Disneyland, attendance gains and increased
guest spending reflected the 45th Anniversary Celebration and the strength
of the annual passport program. Higher operating costs at Disneyland
were driven by increased volume as well as pre-opening costs at Disney’s
5
6. California Adventure. Improved results at Disney Cruise Line were driven
by full-year operations of both cruise ships, the Disney Magic and the
Disney Wonder, compared to just the Disney Magic for the first three and a
half quarters of the prior year.
Parks & Resorts for the year also benefited from record occupied
room nights at Walt Disney World, reflecting the opening of Disney’s All-
Star Movies Resort in the second quarter of the prior year.
Studio Entertainment
Revenues for the year decreased 3% to $6.0 billion and operating
income decreased 29% to $110 million. For the fourth quarter, revenues
decreased 2% to $1.5 billion and operating income was $87 million,
compared to an $84 million operating loss in the prior-year quarter.
Studio Entertainment results for the year were driven primarily by
declines in worldwide home video and network television production,
partially offset by improvements in international theatrical motion picture
distribution.
In worldwide home video, the continued success of Tarzan faced
difficult comparisons to the prior year, which included the combination of
Lion King II: Simba’s Pride, Mulan and Disney/Pixar’s A Bug’s Life. The
current year benefited from the roll-out of the Gold Collection animated
library titles on VHS and DVD. The decline in network television
production reflected Home Improvement in the prior year. Improvements in
international theatrical motion picture distribution were driven primarily
by the success of Tarzan, The Sixth Sense and Disney/Pixar’s Toy Story 2.
6
7. Studio Entertainment results for the fourth quarter were driven
primarily by improvements in domestic theatrical motion picture
distribution and domestic home video, partially offset by declines in
international home video and network television distribution.
Growth in domestic theatrical motion picture distribution was
primarily driven by improved live action film titles compared to the prior-
year quarter, which included The 13th Warrior, Mumford and Mystery Alaska.
Improvements in domestic home video were driven by the strong
performance of animated film titles, including Little Mermaid II: Return to
the Sea, Buzz Lightyear: Star Command and The Tigger Movie. In international
home video, the continued success of Tarzan on VHS and DVD faced
difficult comparisons to the prior-year quarter, which included the
combination of A Bug’s Life, Lion King II: Simba’s Pride, Mulan and
Armageddon. Declines in network television distribution were driven by
higher domestic syndication in the prior-year quarter.
Consumer Products
Revenues for the year decreased 6% to $2.6 billion and operating
income decreased 20% to $454 million. Revenues for the fourth quarter
decreased 7% to $628 million and operating income increased 25% to $100
million. The prior year included charges recorded in the fourth quarter for
write-downs of underutilized assets and inventory.
Results for both the year and fourth quarter reflected declines in
worldwide merchandise licensing, and increased advertising costs,
partially offset by increases at the Disney Stores, reflecting the prior-year
write-downs.
7
8. Results for the year benefited from improvements at Disney
Interactive, primarily driven by the success of the Who Wants to Be a
Millionaire video games, Pooh learning titles and the Toy Story 2 action
game, partially offset by softer publishing results domestically and in
Europe.
Corporate and Other Activities
Net expense associated with corporate and other activities decreased
$33 million to $91 million for the year and increased $51 million to $63
million for the fourth quarter. Both the year and the quarter reflected
increased income from cable equity investments, including Lifetime
Television, The History Channel, A&E Television and E! Entertainment
Television. Fourth quarter increases in cable equity income were more
than offset by the impact of certain one-time benefits in the prior-year
fourth quarter.
Net Interest Expense
Net interest expense decreased 13% to $523 million for the year and
19% to $84 million for the quarter, due to lower average debt balances,
partially offset by higher interest rates in the current year. Lower average
debt balances were driven by strong cash flow which resulted in a $2.1
billion reduction in debt levels for the year. The year also reflected gains
from the sale of certain investments.
Stock Repurchases
The Company repurchased 1.0 million Disney shares for
approximately $40 million during the quarter. For the year, the Company
has purchased a total of 4.9 million shares for approximately $155 million.
Also during the quarter, the Company repurchased 0.9 million Walt
8
9. Disney Internet Group shares for approximately $11 million. The
purchases were effected through open market transactions under the
Company’s existing stock repurchase program. As of September 30, 2000,
the Company was authorized to repurchase approximately 394 million
additional Disney shares and approximately 4 million Disney Internet
Group Shares.
Retained Interest in the Disney Internet Group
Net loss related to the retained interest in the Disney Internet Group,
excluding non-cash amortization of intangible assets, increased to $155
million from $94 million for the year and decreased to $33 million from $35
million for the quarter on a pro forma basis, reflecting increased Disney
Internet Group operating losses. Disney’s retained interest in the Disney
Internet Group for the year and fourth quarter includes Disney’s share ($28
million) of a gain on the sale of Ultraseek Corp., a subsidiary that provides
intranet search software. The Ultraseek gain more than offset higher
Internet Group operating losses for the fourth quarter. Disney Internet
Group revenues for the year increased 13% to $392 million, driven by a
39% increase in Internet revenues, partially offset by a 23% decrease in
Direct Marketing revenues. Revenues at the Disney Internet Group for the
quarter decreased 6% to $82 million, driven by a 33% decrease in Direct
Marketing revenues partially offset by a 9% increase in Internet revenues.
The revenue increase for the year was more than offset by higher costs and
expenses, which were driven by continued investment in Web site
technology and new product initiatives, growth in infrastructure due to
expansion of the business, ongoing enhancements to existing Web sites, the
9
10. redesign of the GO.com Web site, increased sales and marketing costs due
to the expansion of the Internet Group’s commerce and media businesses, a
non-cash charge to reflect the impairment of certain intangible assets and
operating costs at toysmart.com until its closure in June 2000. Net loss
related to the retained interest in the Disney Internet Group was $785
million and $177 million for the year and the quarter, respectively,
including non-cash amortization of intangible assets of $648 million and
$151 million for the year and the quarter, respectively.
Attribution of Operating Results
In addition to the consolidated results of operations for The Walt
Disney Company, the Company has also presented the operating results
attributable to the Disney common stock (NYSE:DIS). This statement
serves the special purpose of reflecting the allocation of revenues and
expenses to the Disney common stock under the Company’s Common
Stock Policies. Disney’s earnings represent the results of all of its
operations, and as a separate line item, the portion of the net loss of The
Walt Disney Internet Group (“WDIG”) attributed to Disney under the
Company’s Common Stock Policies. For fiscal 2000 and the fourth quarter,
the Disney statement reflects approximately 71% of WDIG’s net loss. Both
the Disney and WDIG common stocks are classes of common stock issued
by The Walt Disney Company.
CONSOLIDATED RESULTS
Full Year Net Income Excluding Non-Cash Amortization of Intangible
Assets Increases 30% to $2.1 Billion on a Pro Forma Basis. As-Reported
Net Income Adjusted to Exclude Amortization and Prior-Year Starware
Gain Up 27% to $2.1 Billion
10
11. Consolidated results reflect the operations of Disney, which are
discussed in this release, and the operations of the Walt Disney Internet
Group, which were discussed in a separate release issued today.
On a pro forma basis, revenues for the year increased 9% to $25.4
billion and operating income increased 39% to $2.9 billion. The current
year and fourth quarter include a $153 million gain on the sale of Ultraseek
and the prior year and fourth quarter include restructuring charges
totaling $132 million. The Ultraseek gain had a $39 million impact on net
income. Excluding non-cash amortization of intangible assets, net income
increased 30% to $2.1 billion on a pro forma basis. Including non-cash
amortization of intangible assets, net income increased 158% to $832
million. On an as-reported basis, revenues, operating income and net
income excluding non-cash amortization were $25.4 billion, $3.2 billion
and $2.1 billion, respectively. Including amortization, net income was $920
million.
Compared to prior-year pro forma amounts, revenues for the quarter
increased 6% to $6.1 billion and operating income increased to $736
million. Excluding non-cash amortization of intangible assets, net income
was $465 million. Including non-cash amortization of intangible assets, net
income was $167 million.
ACCOUNTING CHANGES
Effective October 1, 2000, the Company adopted two new accounting
pronouncements, AICPA Statement of Position 00-2, Accounting by
Producers or Distributors of Films (Film Accounting) and Statement of
Financial Accounting Standards No. 133, Accounting for Derivative
11
12. Instruments and Hedging Activities (Derivative Accounting). The
Company’s results of operations and financial position will reflect the
impact of the new standards commencing October 1, 2000 and the
Company will record a one-time after-tax charge for the initial adoption of
the standards totaling $221 million for Film Accounting and $51 million for
Derivative Accounting in its financial statements for the quarter ended
December 31, 2000.
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
12
13. INCOME STATEMENT OF THE DISNEY COMMON STOCK
For the Year Ended September 30
(Unaudited; in millions, except per share data)
Pro Forma As Reported
2000 1999 2000 1999
Revenues $ 25,020 $ 23,052 $ 25,034 $ 23,229
Costs and expenses (20,538) (19,272) (20,551) (19,416)
Amortization of intangible assets (442) (448) (442) (451)
Restructuring charges - (132) - (132)
Gain on sale of Fairchild - - 243 -
Operating income 4,040 3,200 4,284 3,230
Corporate and other activities (91) (124) (93) (124)
Gain on sale of Eurosport 93 - 93 -
Net interest expense (523) (600) (525) (605)
Income before income taxes, minority interests and
retained interest in the Internet Group 3,519 2,476 3,759 2,501
Income taxes (1,458) (1,040) (1,695) (1,051)
Minority interests (127) (91) (127) (91)
Income before retained interest in the Internet
Group 1,934 1,345 1,937 1,359
Net loss related to retained interest in the Internet
Group (1) (785) (736) (741) (59)
Net income attributed to Disney Common Stock $ 1,149 $ 609 $ 1,196 $ 1,300
Earnings per share attributed to Disney Common
Stock: (2)
Diluted $ 0.55 $ 0.29 $ 0.57 $ 0.62
Basic $ 0.55 $ 0.30 $ 0.58 $ 0.63
Earnings per share attributed to Disney Common
Stock excluding retained interest in the Internet
Group: (2)
Diluted $ 0.92 $ 0.65 $ 0.92 $ 0.65
Basic $ 0.93 $ 0.65 $ 0.93 $ 0.66
Average number of common and common
equivalent shares outstanding:
Diluted 2,103 2,083 2,103 2,083
Basic 2,074 2,056 2,074 2,056
(1) Amounts include non-cash amortization of
intangible assets as follows: $ 648 $ 658 $ 564 $ 234
(2) Disney is a class of common stock of the Walt Disney Company. Income attributed to Disney Common Stock should
be reviewed in conjunction with the consolidated results of operations for the Walt Disney Company presented
elsewhere herein.
13
14. INCOME STATEMENT OF THE DISNEY COMMON STOCK
For the Quarter Ended September 30
(Unaudited; in millions, except per share data)
1999 1999
2000 (Pro Forma) (As Reported)
Revenues $ 6,034 $ 5,693 $ 5,744
Costs and expenses (5,025) (5,005) (5,039)
Amortization of intangible assets (111) (119) (119)
−
Restructuring charges (132) (132)
Operating income 898 437 454
Corporate and other activities (63) (12) (12)
− − −
Gain on sale of Eurosport
Net interest expense (84) (104) (106)
Income before income taxes, minority interests
and retained interest in the Internet Group 751 321 336
Income taxes (312) (144) (146)
Minority interests (22) (22) (22)
Income before retained interest in the Internet
417 155 168
Group
Net loss related to retained interest in
the Internet Group (1) (177) (203) (83)
Net income attributed to Disney Common Stock $ 240 $ (48) $ 85
Earnings per share attributed to Disney Common
Stock: (2)
Diluted $ 0.11 $ (0.02) $ 0.04
Basic $ 0.12 $ (0.02) $ 0.04
Earnings per share attributed to Disney Common Stock
excluding retained interest in the Internet Group: (2)
Diluted $ 0.20 $ 0.07 $ 0.08
Basic $ 0.20 $ 0.08 $ 0.08
Average number of common and common
equivalent shares outstanding:
Diluted 2,115 2,082 2,082
Basic 2,083 2,062 2,062
(1) Amounts include non-cash amortization of
intangible assets as follows: $ 151 $ 167 $ 69
(2) Disney is a class of common stock of the Walt Disney Company. Income attributed to Disney Common Stock
should be reviewed in conjunction with the consolidated results of operations for the Walt Disney Company
presented elsewhere herein.
14
15. SEGMENT RESULTS ATTRIBUTED TO DISNEY
For the Year Ended September 30
(Unaudited, in millions)
Pro Forma As Reported
2000 1999 % Change 2000 1999
Revenues:
Media Networks $ 9,615 $ 7,970 21 % $ 9,615 $ 7,970
Studio Entertainment 5,994 6,166 (3)% 5,994 6,166
Parks & Resorts 6,803 6,139 11 % 6,803 6,139
Consumer Products 2,608 2,777 (6)% 2,622 2,954
$ 25,020 $ 23,052 9% $ 25,034 $ 23,229
Operating income (loss): (1)
Media Networks $ 2,298 $ 1,580 45 % $ 2,298 $ 1,580
Studio Entertainment 110 154 (29)% 110 154
Parks & Resorts 1,620 1,479 10 % 1,620 1,479
Consumer Products 454 567 (20)% 455 600
Amortization of intangible
assets (442) (448) 1% (442) (451)
4,040 3,332 21 % 4,041 3,362
Gain on sale of Fairchild - - n/m 243 -
Restructuring changes - (132) n/m - (132)
Operating income $ 4,040 $ 3,200 26 % $ 4,284 $ 3,230
(1) Segment results exclude intangible asset amortization. Segment EBITDA, which also excludes
depreciation, is as follows:
Media Networks $ 2,438 $ 1,711
Studio Entertainment 164 218
Parks & Resorts 2,201 1,977
Consumer Products 558 690
$ 5,361 $ 4,596
NOTE: During the first quarter of the current year, 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 first quarter of
the current year. 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.
15
16. SEGMENT RESULTS ATTRIBUTED TO DISNEY
For the Quarter Ended September 30
(Unaudited, in millions)
1999 1999
2000 (Pro Forma) % Change (As Reported)
Revenues:
Media Networks $ 2,195 $ 1,929 14 % $ 1,929
Studio Entertainment 1,496 1,529 (2)% 1,529
Parks & Resorts 1,715 1,563 10 % 1,563
Consumer Products 628 672 (7)% 723
$ 6,034 $ 5,693 6% $ 5,744
Operating income (loss): (1)
Media Networks $ 460 $ 364 26 % $ 364
Studio Entertainment 87 (84) n/m (84)
Parks & Resorts 362 328 10 % 328
Consumer Products 100 80 25 % 97
Amortization of intangible
assets (111) (119) 7% (119)
Restructuring changes - (132) n/m (132)
Operating income $ 898 $ 437 n/m $ 454
(1) Segment results exclude intangible asset amortization. Segment EBITDA, which also
excludes depreciation, is as follows:
Media Networks $ 496 $ 398
Studio Entertainment 101 (65)
Parks & Resorts 505 459
Consumer Products 124 103
$ 1,226 $ 895
NOTE: During the first quarter of the current year, 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 first quarter of
the current year. 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.
16
18. Table B
CABLE TELEVISION ACTIVITIES
(Unaudited, in millions)
Year Ended September 30
2000 1999 % Change
Operating income:
Cable Networks $ 1,057 $ 943 12 %
Equity investments:
A&E, Lifetime and
E! Entertainment Television 614 480 28 %
Other (1) 211 37 n/m
1,882 1,460 29 %
Partner share of operating income (639) (462) (38)%
Disney share of operating income $ 1,243 $ 998 25 %
Quarter Ended September 30
2000 1999 % Change
Operating income:
Cable Networks $ 226 $ 222 2%
Equity investments:
A&E, Lifetime and E!
Entertainment Television 113 98 15 %
Other 36 4 n/m
375 324 16 %
Partner share of operating income (135) (99) 36 %
Disney share of operating income $ 240 $ 225 7%
(1) The current year includes a pre-tax gain of $93 million from the sale of Eurosport
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.
18
19. The Walt Disney Company
CONSOLIDATED STATEMENTS OF INCOME
For the Year Ended September 30
(Unaudited, in millions)
Pro Forma As Reported
2000 1999 2000 1999
Revenues $ 25,412 $ 23,400 $ 25,402 $ 23,435
Costs and expenses (21,326) (19,828) (21,321) (19,715)
Amortization of intangible assets (1,351) (1,362) (1,233) (456)
Gain on sale of Ultraseek 153 – 153 –
Gain on sale of Fairchild – – 243 –
Gain on sale of Starwave – – – 345
Restructuring charges – (132) – (132)
Operating income 2,888 2,078 3,244 3,477
Corporate and other activities (103) (131) (105) (140)
Gain on sale of Eurosport 93 – 93 –
Equity in Infoseek loss – – (41) (322)
Net interest expense (554) (595) (558) (612)
Income before income taxes and minority
interests 2,324 1,352 2,633 2,403
Income taxes (1,385) (941) (1,606) (1,014)
Minority interests (107) (88) (107) (89)
Net income $ 832 $ 323 $ 920 $ 1,300
Earnings (loss) attributed to:
Disney Common Stock (1) $ 1,149 $ 609 $ 1,196 $ 1,300
Internet Group Common Stock (317) (286) (276) -
832 323 920 1,300
$ $ $ $
Earnings (loss) per share attributed to:
Disney Common Stock (1)
Diluted $ 0.55 $ 0.29 $ 0.57 $ 0.62
Basic $ 0.55 $ 0.30 $ 0.58 $ 0.63
Internet Group Common Stock (basic and
diluted) $ (7.10) $ (6.66) $ (6.18) $ n/a
Earnings per share attributed to Disney Common
Stock excluding retained interest in the Internet
Group:
Diluted $ 0.92 $ 0.65 $ 0.92 $ 0.65
Basic $ 0.93 $ 0.65 $ 0.93 $ 0.66
Average number of common and common
equivalent shares outstanding:
Disney
Diluted 2,103 2,083 2,103 2,083
Basic 2,074 2,056 2,074 2,056
Internet Group (basic and diluted) 45 43 45 n/a
(1) Including Disney’s retained interest in the Internet Group. Disney’s retained interest in the Internet
Group reflects 100% of Internet Group losses through November 17, 1999, and approximately 71%
thereafter.
19
20. The Walt Disney Company
CONSOLIDATED STATEMENTS OF INCOME
For the Quarter Ended September 30
(Unaudited, in millions)
1999 1999
2000 (Pro Forma) (As Reported)
Revenues $ 6,116 $ 5,780 $ 5,791
Costs and expenses (5,210) (5,171) (5,136)
Amortization of intangible assets (323) (351) (124)
Gain on sale of Ultraseek 153 – –
Restructuring changes – (132) (132)
Operating income 736 126 399
Corporate and other activities (69) (14) (15)
Equity in Infoseek loss – – (76)
Net interest expense (111) (103) (108)
Income before income taxes and minority
interest 556 9 200
Income taxes (368) (116) (95)
Minority interests (21) (19) (20)
Net income $ 167 $ (126) $ 85
Earnings (loss) attributed to:
Disney Common Stock (1) $ 240 $ (48) $ 85
Internet Group Common Stock (73) (78) –
$ 167 $ (126) $ 85
Earnings (loss) per share attributed to:
Disney Common Stock (1)
Diluted $ 0.11 $ (0.02) $ 0.04
Basic $ 0.12 $ (0.02) $ 0.04
Internet Group Common Stock (basic and
diluted) $ (1.61) $ (1.84) $ n/a
Earnings per share attributed to Disney excluding
retained interest in the Internet Group:
Diluted $ 0.20 $ 0.07 $ 0.08
Basic $ 0.20 $ 0.08 $ 0.08
Average number of common and common
equivalent shares outstanding:
Disney
Diluted 2,115 2,082 2,082
Basic 2,083 2,062 2,062
Internet Group (basic and diluted) 45 43 n/a
(1) Including Disney’s retained interest in the Internet Group. Disney’s retained interest in the Internet Group
reflects 100% of Internet Group losses through November 17, 1999, and approximately 71% thereafter.
20