- 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 earnings for the quarter ended December 31, 2001. Revenues decreased 5% to $7 billion and net income was $438 million, flat compared to the prior year adjusted for accounting changes.
- Results were impacted by softness in the economy and events of September 11th, which led to declines in attendance, spending, and hotel occupancy. However, cost cutting initiatives helped offset declines.
- The acquisition of ABC Family was completed in October 2001 and integration efforts were underway to combine television assets. Disney remained focused on achieving efficiencies and creating great content to strengthen brands.
The Walt Disney Company reported financial results for the quarter and six months ended March 31, 2003. Revenues increased in both periods compared to the prior year, while net income and earnings per share decreased due to higher costs and softness in certain businesses. For the quarter, revenues rose 8% to $6.3 billion but net income fell 12% to $229 million. The earnings decline was driven by decreased results at Media Networks and Parks and Resorts due to higher programming and production costs as well as lower attendance. However, Studio Entertainment saw gains from strong home video and television distribution.
The Walt Disney Company reported 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 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 its financial results for the fiscal year and quarter ended September 30, 2001. For the year, revenues remained flat while operating income decreased slightly. Earnings per share were flat. For the quarter, revenues and operating income decreased compared to the previous year. The decreases were due to softness in the media networks and studio entertainment segments due to lower ratings and box office revenues. Parks and resorts were also negatively impacted by decreased attendance following the conclusion of a special event the previous year and impacts of September 11th.
The Walt Disney Company reported 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 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 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 earnings for the quarter ended December 31, 2001. Revenues decreased 5% to $7 billion and net income was $438 million, flat compared to the prior year adjusted for accounting changes.
- Results were impacted by softness in the economy and events of September 11th, which led to declines in attendance, spending, and hotel occupancy. However, cost cutting initiatives helped offset declines.
- The acquisition of ABC Family was completed in October 2001 and integration efforts were underway to combine television assets. Disney remained focused on achieving efficiencies and creating great content to strengthen brands.
The Walt Disney Company reported financial results for the quarter and six months ended March 31, 2003. Revenues increased in both periods compared to the prior year, while net income and earnings per share decreased due to higher costs and softness in certain businesses. For the quarter, revenues rose 8% to $6.3 billion but net income fell 12% to $229 million. The earnings decline was driven by decreased results at Media Networks and Parks and Resorts due to higher programming and production costs as well as lower attendance. However, Studio Entertainment saw gains from strong home video and television distribution.
The Walt Disney Company reported 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 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 its financial results for the fiscal year and quarter ended September 30, 2001. For the year, revenues remained flat while operating income decreased slightly. Earnings per share were flat. For the quarter, revenues and operating income decreased compared to the previous year. The decreases were due to softness in the media networks and studio entertainment segments due to lower ratings and box office revenues. Parks and resorts were also negatively impacted by decreased attendance following the conclusion of a special event the previous year and impacts of September 11th.
The Walt Disney Company reported 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 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 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.
- 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 earnings for the quarter ended December 31, 1999, with revenues increasing 5% to $6.8 billion and operating income increasing 8% to $1.1 billion compared to the same period last year.
- Key drivers of increased revenues and operating income were strong performances from Who Wants to Be a Millionaire at ABC and record attendance at Walt Disney World, along with growth at ESPN and Disney's cable networks.
- Earnings per share increased 9% to $0.25, while net income rose 7% to $515 million, excluding Disney's retained interest in GO.com. Including GO.com, net income increased 1% to $324 million.
The Walt Disney Company reported higher 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.
- 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.
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 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 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.
Net income and EPS for Disney increased in the first quarter of 2001 compared to the previous year. Net income rose 27% to $594 million and EPS grew 22% to $0.28, excluding accounting changes and the Internet Group. Overall revenues for Disney grew 7% to $7.3 billion for the quarter, with strong results from Parks & Resorts and improvements in home video and theatrical distribution offsetting declines in consumer products. The Walt Disney Company will convert shares of Internet Group stock to Disney stock in March 2001, consolidating financial reporting under one class of common stock.
The Walt Disney Company reported higher earnings for 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.
- 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.
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
- 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.
- 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.
The presentation provides an overview of LPS Brasil's operational and financial results for the second quarter of 2011, highlighting record contracted sales of R$5 billion, net revenue of R$127 million (up 59% year-over-year), and net income of R$39.7 million. CrediPronto also achieved strong growth in mortgage originations and financed volume.
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
Clear Channel Communications reported financial results for the third quarter of 2007, with revenue increasing 5% to $1.7 billion compared to the previous year. Operating expenses also increased 6% while income before discontinued operations rose 51% and diluted earnings per share increased 53%. The company's OIBDAN was $583.5 million, a 4% increase from 2006. Clear Channel's shareholders approved a merger agreement with a private equity group in September 2007. The company continues its plans to divest radio stations and its television group, with definitive agreements signed to sell 353 radio stations and its television business.
VF Corporation reported financial results for 2000 that were mixed compared to 1999. Net sales reached a record $5.7 billion but operating income and net income declined from the previous year. Earnings per share were reduced by restructuring charges and a change in accounting policy. Throughout 2000, VF took actions to strengthen its brands and position the company for improved financial performance in 2001, including acquiring new brands, exiting unprofitable businesses, consolidating operations, and continuing its share repurchase program.
Clear Channel Communications reported financial results for the first quarter of 2006, with revenue increasing 4% to $1.5 billion compared to the first quarter of 2005. Net income increased 102% to $96.8 million, and diluted earnings per share increased 58% to $0.19. Revenue growth was driven by increases in radio broadcasting and outdoor advertising revenue. The company continued its share repurchase program, repurchasing $1.3 billion of shares since August 2005.
direc tv group Fourth Quarter 2008 Financial Results and Outlook finance15
The DIRECTV Group reported strong financial results for Q4 2008 and full year 2008:
- Q4 net subscriber additions totaled 461,000, with 301,000 from DIRECTV US. Full year 2008 free cash flow increased 76% to $1.68 billion.
- DIRECTV US had its best quarterly net subscriber growth in over 3 years and record annual revenue, operating profit before depreciation and amortization, and cash flow.
- DIRECTV Latin America added 160,000 subscribers in Q4, its best year ever with 623,000 net additions, driving revenue growth of 15% for the quarter and 39% for the full year.
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 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.
- Disney reported earnings for the quarter ended December 31, 1999, with revenues increasing 5% to $6.8 billion and operating income increasing 8% to $1.1 billion compared to the same period last year.
- Key drivers of increased revenues and operating income were strong performances from Who Wants to Be a Millionaire at ABC and record attendance at Walt Disney World, along with growth at ESPN and Disney's cable networks.
- Earnings per share increased 9% to $0.25, while net income rose 7% to $515 million, excluding Disney's retained interest in GO.com. Including GO.com, net income increased 1% to $324 million.
The Walt Disney Company reported higher 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.
- 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.
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 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 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.
Net income and EPS for Disney increased in the first quarter of 2001 compared to the previous year. Net income rose 27% to $594 million and EPS grew 22% to $0.28, excluding accounting changes and the Internet Group. Overall revenues for Disney grew 7% to $7.3 billion for the quarter, with strong results from Parks & Resorts and improvements in home video and theatrical distribution offsetting declines in consumer products. The Walt Disney Company will convert shares of Internet Group stock to Disney stock in March 2001, consolidating financial reporting under one class of common stock.
The Walt Disney Company reported higher earnings for 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.
- 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.
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
- 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.
- 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.
The presentation provides an overview of LPS Brasil's operational and financial results for the second quarter of 2011, highlighting record contracted sales of R$5 billion, net revenue of R$127 million (up 59% year-over-year), and net income of R$39.7 million. CrediPronto also achieved strong growth in mortgage originations and financed volume.
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
Clear Channel Communications reported financial results for the third quarter of 2007, with revenue increasing 5% to $1.7 billion compared to the previous year. Operating expenses also increased 6% while income before discontinued operations rose 51% and diluted earnings per share increased 53%. The company's OIBDAN was $583.5 million, a 4% increase from 2006. Clear Channel's shareholders approved a merger agreement with a private equity group in September 2007. The company continues its plans to divest radio stations and its television group, with definitive agreements signed to sell 353 radio stations and its television business.
VF Corporation reported financial results for 2000 that were mixed compared to 1999. Net sales reached a record $5.7 billion but operating income and net income declined from the previous year. Earnings per share were reduced by restructuring charges and a change in accounting policy. Throughout 2000, VF took actions to strengthen its brands and position the company for improved financial performance in 2001, including acquiring new brands, exiting unprofitable businesses, consolidating operations, and continuing its share repurchase program.
Clear Channel Communications reported financial results for the first quarter of 2006, with revenue increasing 4% to $1.5 billion compared to the first quarter of 2005. Net income increased 102% to $96.8 million, and diluted earnings per share increased 58% to $0.19. Revenue growth was driven by increases in radio broadcasting and outdoor advertising revenue. The company continued its share repurchase program, repurchasing $1.3 billion of shares since August 2005.
direc tv group Fourth Quarter 2008 Financial Results and Outlook finance15
The DIRECTV Group reported strong financial results for Q4 2008 and full year 2008:
- Q4 net subscriber additions totaled 461,000, with 301,000 from DIRECTV US. Full year 2008 free cash flow increased 76% to $1.68 billion.
- DIRECTV US had its best quarterly net subscriber growth in over 3 years and record annual revenue, operating profit before depreciation and amortization, and cash flow.
- DIRECTV Latin America added 160,000 subscribers in Q4, its best year ever with 623,000 net additions, driving revenue growth of 15% for the quarter and 39% for the full year.
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 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 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 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.
Kodak reported financial results for the first quarter of 2007. Revenue declined 8% to $2.119 billion due to lower sales in digital capture and traditional businesses. The net loss improved 50% to $174 million due to cost reductions of $112 million in SG&A expenses. Kodak ended the quarter with $1.026 billion in cash and fully repaid $1.15 billion in debt after completing the sale of its Health Group. Kodak plans to increase its 2007 inkjet investment by up to $50 million to capitalize on strong demand for its new line of inkjet printers.
Kodak reported positive fourth quarter earnings of $17 million, despite a 9% drop in annual sales to $3.821 billion. Digital earnings grew to $271 million for the quarter, driven by improved margins in consumer digital and graphic communications. For the full year, digital earnings increased by $271 million, exceeding the decline in traditional earnings for the first time. Cash levels totaled $1.469 billion at year-end, and debt was reduced by over $800 million in 2006. Kodak expects to conclude restructuring efforts in 2007 to transition fully to a digital business model.
Morgan Stanley Dean Witter announced record full-year and fourth quarter results. For the full year, net income was $5.5 billion, up 14% from the prior year. Fourth quarter net income was $1.2 billion, down 26% from the previous year's fourth quarter. The company's securities, asset management, and credit services businesses all achieved record annual net income. The board also declared a 15% increase in the quarterly dividend to $0.23 per share.
Morgan Stanley reported a 20% increase in 1st quarter earnings to $1.5 billion, with revenues up 10% across all businesses. Net revenues were $6.8 billion, a 10% increase from the previous year. Return on equity was 21%. Fixed income sales and trading revenues reached a record $2 billion, up 21% from the prior year. Individual Investor Group revenues increased 2% to $1.2 billion, while expenses fell 15%. Investment Management pre-tax income rose 69% to $287 million on an 8% increase in revenues.
Circuit City Report1 (2) Earning Call Examplewcampagn
Circuit City announced its first quarter 2009 results, with a net loss of $164M compared to a $54M loss in the previous year's first quarter. Net sales decreased 7.4% and comparable store sales decreased 11.3%. While some product categories like large LCD TVs and video games grew, most other categories declined. The company expects continued losses in the second quarter but gradual recovery in the second half of 2009 as initiatives take effect and comparisons become more favorable.
Kodak reported significantly improved second quarter operating results with a $121 million year-over-year improvement in pre-tax results from continuing operations. Digital earnings improved by $97 million and traditional earnings improved by $31 million as expenses declined. Gross profit margins increased across all major business units driven by reduced costs. Kodak reaffirmed its full-year goals for net cash generation, digital revenue growth, and digital earnings.
Morgan Stanley reported record quarterly results for Q2 2006, with earnings per share up 115% year-over-year. Net revenues were a record $8.9 billion, up 48% from Q2 2005, driven by strong performance across institutional securities, wealth management, asset management, and Discover. All business segments achieved record or highest quarterly results. The company saw significant revenue growth in areas like fixed income, equity trading, and investment gains.
- Kodak's net sales decreased 7% in Q2 2007 compared to Q2 2006, primarily due to declines in volumes and prices across many business units. However, gross profits increased 14% due to cost reductions.
- Digital revenues increased 3% led by enterprise solutions, while traditional revenues declined 17% due to declines in film capture and retail printing.
- Consumer Digital Imaging Group sales declined 10% due to volume and price declines, but gross profits increased 23% due to cost reductions.
- Film Products Group sales declined 15% due to declines in consumer film capture, but gross profits declined only slightly.
- 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.
Morgan Stanley reported strong financial results for fiscal year 2003. Net income increased 28% to $3.8 billion and earnings per share rose 29%. In the 4th quarter, net income increased 42% year-over-year to $1 billion, though it was 18% lower than the previous quarter. The company also announced a 9% increase to its quarterly dividend.
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.
Morgan Stanley reported full-year net earnings of $3.0 billion and a return on equity of 14%. Fourth quarter net earnings were $732 million, including a pre-tax restructuring charge of $235 million. By business: Institutional Securities saw a 31% decline in net income to $1.7 billion due to difficult markets. Individual Investor Group had a net loss of $7 million compared to a $44 million loss in 2001. Investment Management reported a 9% increase in net income to $525 million despite lower revenues. Credit Services achieved record profits.
Citigroup reported first quarter 2022 core income of $3.86 billion, up 5% from the first quarter of 2021. However, core income included an $816 million pre-tax charge related to economic conditions in Argentina. Revenue for the quarter increased 5% to $22 billion. Net income, including a $1.06 billion gain from the Travelers IPO, was $4.84 billion, up 37% from the prior year. The CEO commented that core businesses delivered strong results despite difficult economic conditions and charges related to Argentina. Key highlights included strong performance in global consumer businesses and the investment bank.
Morgan Stanley reported record fourth quarter and full year results from continuing operations for 2006. Net revenues, net income, and earnings per share all reached record highs. The Board approved a plan to spin off Discover to enhance shareholder value by allowing each business to focus independently on growth. Institutional Securities achieved record results across fixed income, equity trading, and advisory. Global Wealth Management and Asset Management made progress but lagged Institutional Securities.
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.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
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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Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
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My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
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CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
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Detailed power point presentation on compound interest and how it is calculated
walt disney Quarter2002 2nd
1. FOR IMMEDIATE RELEASE
April 25, 2002
THE WALT DISNEY COMPANY REPORTS EARNINGS FOR THE
QUARTER AND SIX MONTHS ENDED MARCH 31, 2002
BURBANK, Calif. – The Walt Disney Company today reported
earnings for the quarter and six months ended March 31, 2002.
On an as-reported basis, revenues for the quarter decreased 2% to
$5.9 billion and segment operating income decreased 32% to $702 million.
Net income and earnings per share were $259 million and $0.13,
respectively, for the quarter, compared to a net loss and loss per share
adjusted to reflect the new goodwill and intangible asset accounting rules
of ($449) million and ($0.21), respectively, in the prior-year quarter. The
prior-year quarter included restructuring and impairment charges totaling
$1.0 billion ($0.44 per share).
For the six months, as-reported revenues decreased 4% to $13 billion
and segment operating income decreased 36% to $1.5 billion. Net income
and earnings per share were $697 million and $0.34, respectively, for the
six months, compared to a net loss of ($9) million in the prior-year period,
which is before the effect of accounting changes and has been adjusted to
reflect the new goodwill and intangible asset accounting rules. The quarter
and six-month period results include the operations of ABC Family,
2. acquired on October 24, 2001, and incremental interest expense for
borrowings related to that acquisition. Results for the six months also
include a $216 million pre-tax gain on the sale of investments recorded in
the first quarter of the current fiscal year ($0.07 per share).
On a pro forma basis, revenues for the quarter and six months were
$5.9 billion and $13.0 billion, respectively, down 5% and 6%, respectively,
from the prior-year periods. For the quarter and six months, pro forma net
income was $259 million ($0.13 per share) and $556 million ($0.27 per
share), respectively, down 51% and 53%, respectively, from the prior-year
periods.
See Table C for a reconciliation of as-reported earnings per share to
pro forma earnings per share and Basis of Presentation below. For the
second quarter of the current year, as-reported and pro forma results were
the same in all respects.
“The message of the second quarter, as with the first, is that Disney
continues on track,” Eisner said. “Our cost and capital containment efforts
have helped us manage through the economic downturn even as we
further develop and strengthen our core brands and maintain or increase
market share across most of our businesses. We continue to see
encouraging signs in our Parks and Resorts unit and we are highly focused
on addressing the challenges at the ABC network. Consequently, we
anticipate continued improvement in the Company’s performance.”
Basis of Presentation
To enhance comparability, the Company has presented operating
results on a pro forma basis, which assumes the events discussed below
2
3. occurred at the beginning of fiscal 2001, eliminating the one-time impacts
of those events.
The Company acquired Fox Family Worldwide, Inc. (subsequently
re-named ABC Family Worldwide) on October 24, 2001. The acquisition of
ABC Family Worldwide resulted in a $5.2 billion increase in borrowings,
consisting of outstanding debt of ABC Family and new short- and long-
term debt issuances. Pro forma net interest and other has been adjusted as
if these incremental borrowings had been outstanding as of the beginning
of fiscal 2001. In March 2001, the Company closed the GO.com portal
business and converted its Internet Group common stock into Disney
common stock. Additionally, on October 1, 2001, the Company adopted
new goodwill and intangible asset accounting rules, and accordingly, no
longer amortizes substantially all of its intangible assets.
The Company believes that pro forma results provide additional
information useful in analyzing the underlying business results. However,
pro forma results are not necessarily indicative of the combined results that
would have occurred had these events actually occurred at the beginning
of fiscal 2001, nor are they necessarily indicative of future results.
Additionally, we have also presented pro forma earnings adjusted to
exclude the current year investment gains and the prior-year restructuring
and impairment charges, gain on the sale of a business and the cumulative
effect of accounting changes.
Operating Results
Unless otherwise noted, the following discussion reflects pro forma
results.
3
4. Parks and Resorts
Parks and Resorts revenues for the quarter decreased 8% to $1.5
billion and segment operating income decreased 15% to $280 million.
Parks and Resorts results for the quarter reflected lower attendance,
guest spending and hotel occupancy at the Walt Disney World Resort and
lower guest spending at Disneyland, which were partially offset by
increased attendance and the absence of pre-opening costs at the
Disneyland Resort. At the Walt Disney World Resort, decreased attendance
and hotel occupancy reflected the continued disruption in travel and
tourism. At the Disneyland Resort, increased attendance was driven by the
addition of Disney’s California Adventure and Disney’s Grand Californian
Hotel during the middle of the second quarter of the prior year, as well as
strong local attendance reflecting primarily the success of the Annual
Passport program. The prior-year pre-opening costs at Disneyland were for
the opening of Disney’s California Adventure. Lower spending at both
Walt Disney World and Disneyland was due primarily to ticket and other
promotional programs.
Parks and Resorts results for the quarter also benefited from higher
royalties generated by increased attendance at the Tokyo Disney Resort
following the opening of the Tokyo DisneySea theme park and the Tokyo
DisneySea Hotel MiraCosta during the fourth quarter of the prior year.
Media Networks
Media Networks revenues for the quarter decreased 9% to $2.2
billion and segment operating income decreased 39% to $309 million. See
Table A for further detail of Media Networks results.
Broadcasting results for the quarter reflected lower advertising
revenues due to lower ratings at the ABC network, lower advertising rates
4
5. from upfront sales at the ABC television network and the impact of the
weak advertising market at the Company’s owned television stations.
Disney’s share of operating income from cable television activities,
which consists of Disney’s cable networks and cable equity investments,
decreased 6% for the quarter to $348 million. See Table B for further
information relating to operating income from cable television activities.
Cable television results for the quarter reflected the soft advertising
market at both ESPN and the cable equity investments and higher
programming costs at ESPN, partially offset by higher cable network
affiliate revenues. Additionally, both the domestic and international
Disney Channels, which are insulated from fluctuations in the ad market,
showed profit improvement.
Studio Entertainment
Studio Entertainment revenues for the quarter increased 2% to $1.6
billion and segment operating income decreased from $164 million to $27
million.
Studio Entertainment results for the quarter were primarily driven by
decreases in theatrical motion picture distribution, worldwide home video
and worldwide television distribution.
In domestic theatrical motion picture distribution, the strong
performance of Snow Dogs and Peter Pan II: Return to Never Land was more
than offset by the impact of higher marketing and distribution costs due to
the higher number and timing of releases during the quarter. Marketing
and distribution costs are expensed when incurred rather than deferred
until the release of the film. Worldwide home video results reflected
decreased revenues from the rental business, due to the availability of
fewer titles in the current year. Although worldwide sales of DVDs remain
5
6. strong, total sales of home video units were down during the quarter,
reflecting the prior-year success of Lady and the Tramp II: Scamp’s Adventure
and Remember the Titans. The declines in worldwide television distribution
reflected better performances of live-action titles in the prior-year quarter.
Consumer Products
Revenues for the quarter increased 1% to $580 million and segment
operating income decreased 5% to $86 million.
Consumer Products results for the quarter reflected decreased
worldwide merchandise licensing revenues driven by lower guarantee
payments in the current year, partially offset by increases at the Disney
Stores. Sales increases at the Disney Stores reflected positive comparative
store sales both domestically and internationally.
On April 1, 2002, the Company completed the sale of its Disney Store
Japan business to Oriental Land Co. in a transaction that includes a long-
term license for the Disney Store brand in Japan.
Corporate and Unallocated Shared Expenses
Corporate and unallocated shared expenses decreased 11% to $97
million for the quarter. The decrease was driven by the timing of expenses,
partially offset by costs for new financial and human resources information
technology systems, which are intended to improve productivity and
reduce costs. The prior year was also impacted by higher costs due to the
roll-out of the Disney Club, a customer loyalty and appreciation program,
in the first quarter of the prior year.
Net Interest Expense and Other
Net interest expense and other increased 5% to $158 million for the
quarter on a pro forma basis. The increase for the quarter was driven by
higher average debt balances and lower capitalized interest, as well as
6
7. investment gains in the prior-year quarter, partially offset by lower interest
rates. As-reported net interest expense increased 61% primarily due to the
incremental borrowings related to the ABC Family acquisition.
Equity in the Income of Investees
Income from equity investees, consisting primarily of Euro Disney,
A&E Television, Lifetime Television and E! Entertainment Television,
decreased 27% to $49 million for the quarter. The decrease reflected
increased pre-opening costs at Euro Disney due to the opening of Walt
Disney Studios at the Disneyland Resort Paris on March 16, 2002, as well as
declines at the cable services driven by the soft advertising market.
Accounting Changes
Effective October 1, 2001, the Company adopted Statement of
Financial Accounting Standards No. 142, Goodwill and Other Intangible
Assets (SFAS 142). As a result of adopting SFAS 142, a substantial amount
of the Company’s intangible assets is no longer amortized. Pursuant to
SFAS 142, intangible assets that are no longer subject to amortization must
be periodically tested for impairment. During the first quarter, the
Company made its assessments related to each reporting unit’s intangible
asset categorization and performed an impairment review, which indicated
that the Company’s intangible assets were not impaired.
Effective October 1, 2000, the Company adopted AICPA Statement of
Position No. 00-2, Accounting by Producers or Distributors of Films
(SOP 00-2), and Statement of Financial Accounting Standards No. 133,
Accounting for Derivative Instruments and Hedging Activities (SFAS 133), and
recorded one-time after-tax charges for the adoption of the standards
totaling $228 million (or $0.11 per share) and $50 million (or $0.02 per
share), respectively in the prior-year.
7
8. FORWARD-LOOKING STATEMENTS
Management believes certain statements in this press release may
constitute “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are made on the
basis of management’s views and assumptions regarding future events
and business performance as of the time the statements are made. Actual
results may differ materially from those expressed or implied. Such
differences may result from actions taken by the Company, including
restructuring or strategic initiatives and actions relating to the Company’s
strategic sourcing initiative, as well as from developments beyond the
Company’s control, including international, political and military
developments that may affect travel and leisure businesses generally;
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 and consumer products. Changes in domestic
competitive conditions and technological developments may also affect
performance of all significant Company businesses.
Editor’s Note: The Company makes available its quarterly earnings releases, annual report to shareholders, fact
book and SEC filings on its Investor Relations Web site located at http://www.disney.com/investors
8
9. The Walt Disney Company
AS-REPORTED CONSOLIDATED STATEMENTS OF INCOME
(unaudited; in millions, except per share data)
Three Months Six Months
Ended March 31 Ended March 31
2002 2001 2002 2001
Revenues $ 5,904 $ 6,049 $ 12,952 $ 13,482
Costs and expenses (5,299) (5,133) (11,698) (11,416)
Amortization of intangible assets (2) (184) (5) (477)
− − −
Gain on sale of business 22
Net interest expense and other (158) (98) (103) (207)
Equity in the income of investees 49 66 119 148
− −
Restructuring and impairment charges (996) (1,190)
Income before income taxes, minority interests and
the cumulative effect of accounting changes 494 (296) 1,265 362
Income taxes (205) (238) (504) (624)
Minority interests (30) (33) (64) (63)
Income before the cumulative effect of accounting
changes 259 (567) 697 (325)
Cumulative effect of accounting changes:
− − −
Film accounting (228)
− − −
Derivative accounting (50)
Net income (loss) $ 259 $ (567) $ 697 $ (603)
Earnings (loss) attributed to:
Disney common stock $ 259 $ (548) $ 697 $ (486)
− −
Internet Group common stock (19) (117)
$ 259 $ (567) $ 697 $ (603)
Earnings (loss) per share before the cumulative effect
of accounting changes attributed to:
Disney common stock (basic and diluted) $ 0.13 $ (0.26) $ 0.34 $ (0.10)
Internet Group common stock (basic and diluted) $ n/a $ (0.45) $ n/a $ (2.72)
Earnings (loss) per share including the cumulative
effect of accounting changes attributed to:
Disney common stock (basic and diluted) (1) $ 0.13 $ (0.26) $ 0.34 $ (0.23)
Internet Group common stock (basic and diluted) $ n/a $ (0.45) $ n/a $ (2.72)
Earnings (loss) attributed to Disney common stock before
the cumulative effect of accounting changes adjusted for
the impact of SFAS 142 in fiscal 2001 $ 259 $ (449) $ 697 $ (9)
Earnings (loss) per share attributed to Disney common
stock before the cumulative effect of accounting changes
adjusted for the impact of SFAS 142 in fiscal 2001
Diluted $ 0.13 $ (0.21) $ 0.34 $ 0.00
Basic $ 0.13 $ (0.22) $ 0.34 $ 0.00
Average number of common and common equivalent
shares outstanding:
Disney:
Diluted 2,045 2,098 2,043 2,101
Basic 2,039 2,082 2,039 2,082
Internet Group (basic and diluted) n/a 42 n/a 43
(1) The per share impacts of the film and derivative accounting changes for the six month period were ($0.11) and ($0.02),
respectively.
9
10. The Walt Disney Company
PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
(unaudited; in millions, except per share data)
Three Months Six Months
Ended March 31 Ended March 31
2002 2001 2002 2001
Revenues $ 5,904 $ 6,215 $ 12,983 $ 13,792
Costs and expenses (5,299) (5,237) (11,725) (11,590)
Amortization of intangible assets (2) (5) (5) (13)
− − −
Gain on sale of business 22
Net interest expense and other (158) (151) (115) (316)
Equity in the income of investees 49 67 119 153
− −
Restructuring and impairment charges (134) (328)
Income before income taxes, minority interests and the
cumulative effect of accounting changes 494 755 1,257 1,720
Income taxes (205) (283) (501) (688)
Minority interests (30) (32) (64) (63)
Income before the cumulative effect
of accounting changes 259 440 692 969
Cumulative effect of accounting changes:
− − −
Film accounting (228)
− − −
Derivative accounting (50)
Net income $ 259 $ 440 $ 692 $ 691
Earnings per share before the cumulative
0.34 0.46
effect of accounting changes (basic and diluted) $ 0.13 $ 0.21 $ $
Earnings per share including the cumulative
0.34 0.33
effect of accounting changes (basic and diluted) (1) $ 0.13 $ 0.21 $ $
Earnings before the cumulative effect of
accounting changes, excluding the investment gain
in fiscal 2002, restructuring and impairment charges
and gain on the sale of business in fiscal 2001 $ 259 $ 524 $ 556 $ 1,181
Earnings per share before the cumulative effect
of accounting changes, excluding the investment gain
in fiscal 2002, restructuring and impairment charges
and gain on the sale of business in fiscal 2001:
Diluted $ 0.13 $ 0.25 $ 0.27 $ 0.56
Basic $ 0.13 $ 0.25 $ 0.27 $ 0.57
Average number of common and common
equivalent shares outstanding:
Diluted 2,045 2,105 2,043 2,108
Basic 2,039 2,089 2,039 2,090
(1) The per share impacts of the film and derivative accounting changes for the six month period were ($0.11) and
($0.02), respectively.
10
11. THE WALT DISNEY COMPANY SEGMENT RESULTS
For the Quarter Ended March 31
(unaudited, in millions)
As Reported Pro Forma %
2002 2001 2002 2001 Change
Revenues:
Media Networks $ 2,196 $ 2,258 $ 2,196 $ 2,417 (9)%
Parks and Resorts 1,525 1,650 1,525 1,650 (8)%
Studio Entertainment 1,603 1,573 1,603 1,573 2%
Consumer Products 580 568 580 575 1%
$ 5,904 $ 6,049 $ 5,904 $ 6,215 (5)%
Segment operating income: (1)
Media Networks $ 309 $ 445 $ 309 $ 503 (39)%
Parks and Resorts 280 329 280 329 (15)%
Studio Entertainment 27 164 27 164 (84)%
Consumer Products 86 87 86 91 (5)%
$ 702 $ 1,025 $ 702 $ 1,087 (35)%
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, minority interests and the cumulative
effect of accounting changes is as follows:
As Reported Pro Forma
2002 2001 2002 2001
Segment operating income $ 702 $ 1,025 $ 702 $ 1,087
Corporate and unallocated shared expenses (97) (109) (97) (109)
Amortization of intangible assets (2) (184) (2) (5)
Net interest expense and other (158) (98) (158) (151)
Equity in the income of investees 49 66 49 67
− −
Restructuring and impairment charges (996) (134)
Income before income taxes, minority interests and
the cumulative effect of accounting changes $ 494 $ (296) $ 494 $ 755
(1) Segment earnings before interest, income taxes, depreciation and amortization (EBITDA) is as follows:
As Reported Pro Forma
2002 2001 2002 2001
Media Networks $ 354 $ 489 $ 354 $ 548
Parks and Resorts 441 468 441 468
Studio Entertainment 37 175 37 175
Consumer Products 102 112 102 116
$ 934 $ 1,244 $ 934 $ 1,307
11
12. THE WALT DISNEY COMPANY SEGMENT RESULTS
For the Six Months Ended March 31
(unaudited, in millions)
As Reported Pro Forma %
2002 2001 2002 2001 Change
Revenues:
Media Networks $ 5,172 $ 5,225 $ 5,202 $ 5,516 (6)%
2,958 3,374
Parks and Resorts 2,958 3,374 (12)%
Studio Entertainment 3,408 3,423 3,408 3,423 --
Consumer Products 1,414 1,460 1,415 1,479 (4)%
$ 12,952 $ 13,482 $ 12,983 $ 13,792 (6)%
Segment operating income: (1)
Media Networks $ 551 $ 971 $ 555 $ 1,094 (49)%
Parks and Resorts 467 713 467 713 (35)%
Studio Entertainment 176 316 176 316 (44)%
Consumer Products 261 256 261 269 (3)%
$ 1,455 $ 2,256 $ 1,459 $ 2,392 (39)%
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, minority interests and the cumulative
effect of accounting changes is as follows:
As Reported Pro Forma
2002 2001 2002 2001
Segment operating income $ 1,455 $ 2,256 $ 1,459 $ 2,392
Corporate and unallocated shared expenses (201) (190) (201) (190)
Amortization of intangible assets (5) (477) (5) (13)
− −
Gain on sale of business 22 22
Net interest expense and other (103) (207) (115) (316)
Equity in the income of investees 119 148 119 153
− −
Restructuring and impairment charges (1,190) (328)
Income before income taxes, minority interests and
the cumulative effect of accounting changes $ 1,265 $ 362 $ 1,257 $ 1,720
(1) Segment EBITDA is as follows:
As Reported Pro Forma
2002 2001 2002 2001
Media Networks $ 642 $ 1,060 $ 647 $ 1,185
Parks and Resorts 789 995 789 995
Studio Entertainment 197 340 197 340
Consumer Products 290 305 290 318
$ 1,918 $ 2,700 $ 1,923 $ 2,838
12
13. Table A
MEDIA NETWORKS
(unaudited, in millions)
Pro Forma
Quarter Ended March 31 2002 2001 % Change
Revenues:
Broadcasting $ 1,290 $ 1,513 (15)%
--
Cable Networks 906 904
$ 2,196 $ 2,417 (9)%
Segment operating income (loss):
Broadcasting $ (11) $ 167 n/m
Cable Networks 320 336 (5)%
$ 309 $ 503 (39)%
Pro Forma
Six Months Ended March 31 2002 2001 % Change
Revenues:
Broadcasting $ 2,766 $ 3,315 (17)%
Cable Networks 2,436 2,201 11 %
$ 5,202 $ 5,516 (6)%
Segment operating income (loss):
Broadcasting $ (87) $ 454 n/m
--
Cable Networks 642 640
$ 555 $ 1,094 (49)%
13
14. Table B
CABLE TELEVISION ACTIVITIES
(unaudited, in millions)
Pro Forma
Quarter Ended March 31 2002 2001 % Change
Operating income:
Cable Networks $ 320 $ 336 (5)%
Equity investments:
A&E, Lifetime and
E! Entertainment Television 128 170 (25)%
Other 36 56 (36)%
484 562 (14)%
Partner share of operating income (136) (190) 28 %
Disney share of operating income $ 348 $ 372 (6)%
Pro Forma
Six Months Ended March 31 2002 2001 % Change
Operating income:
--
Cable Networks $ 642 $ 640
Equity investments:
A&E, Lifetime and
E! Entertainment Television 294 356 (17)%
Other 101 122 (17)%
1,037 1,118 (7)%
Partner share of operating income (328) (396) 17 %
Disney share of operating income $ 709 $ 722 (2)%
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 “Segment
operating income” in the consolidated 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 “Equity in the income of investees” in the consolidated statements
of income.
14
15. Table C
The following table provides a reconciliation of as-reported earnings per share attributed to
Disney common stock to pro forma earnings per share before the cumulative effect of
accounting changes, excluding the investment gain in fiscal 2002 and restructuring and
impairment charges and gain on the sale of business in fiscal 2001 (unaudited).
Three Months Six Months
Ended March 31 Ended March 31
2002 2001 2002 2001
As-reported earnings per share attributed to Disney
common stock $ 0.13 $ (0.26) $ 0.34 $ (0.23)
Adjustment to attribute 100% of Internet Group operating
results to Disney common stock (72% included in as-
− −
reported amounts) (0.01) (0.06)
Adjustment to exclude GO.com restructuring and
− −
impairment charges 0.40 0.40
Adjustment to exclude pre-closure GO.com portal
− −
operating results and amortization of intangible assets 0.02 0.09
Adjustment to reflect the impact of the new SFAS 142
− −
accounting rules 0.06 0.13
Adjustment to exclude the cumulative effect of accounting
− − −
changes 0.13
Pro forma earnings per share before the cumulative effect
of accounting changes 0.13 0.21 0.34 0.46
Adjustment to exclude restructuring and impairment
− −
charges 0.04 0.10
− − −
Adjustment to exclude fiscal 2002 investment gain (0.07)
Pro forma earnings per share before the cumulative effect
of accounting changes, excluding the investment gain
in fiscal 2002, restructuring and impairment charges
and gain on the sale of business $ 0.13 $ 0.25 $ 0.27 $ 0.56
The impact on fiscal 2001 of the gain on sale of business and the pro forma impact of ABC Family had less
than a $0.01 impact.
15