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Disney Earnings Rise on Network, Theme Park Results
By GARY GENTILE, AP
LOS ANGELES (May 9) - Profit at media conglomerate The Walt Disney Co. rose 19 percent in the second quarter on strong ratings at its ABC network and cable channels, and increased attendance at its theme parks.
The company, based in Burbank, also reported a drop in earnings from its film studio, which continues to struggle with lower DVD sales and modest box office success.
Disney reported net income of $733 million, or 37 cents per share, for the three months ended April 1, compared with income of $657 million, or 31 cents per share, in the same period last year.
Revenue grew to $8 billion from $7.8 billion in the same period last year.
The results beat estimates of analysts surveyed by Thomson Financial who had been expecting earnings of 30 cents per share.
Operating income fell 39 percent at Disney's film studio while revenue decreased 22 percent to $1.8 billion. This year's DVD releases have not sold as well as the DVD of the Pixar Animation Studios hit "The Incredibles" in the same period last year.
The company's media networks division, which includes ABC and cable channels such as ESPN, delivered the best performance with a 20 percent jump in operating income and a 18 percent rise in revenue to $3.6 billion.
Results were helped by higher subscriber fees at ESPN and rising advertising revenue at ABC, which continues its ratings comeback.
05-09-06 16:38 EDT
Copyright 2006 The Associated Press
By GARY GENTILE, AP
LOS ANGELES (May 9) - Profit at media conglomerate The Walt Disney Co. rose 19 percent in the second quarter on strong ratings at its ABC network and cable channels, and increased attendance at its theme parks.
The company, based in Burbank, also reported a drop in earnings from its film studio, which continues to struggle with lower DVD sales and modest box office success.
Disney reported net income of $733 million, or 37 cents per share, for the three months ended April 1, compared with income of $657 million, or 31 cents per share, in the same period last year.
Revenue grew to $8 billion from $7.8 billion in the same period last year.
The results beat estimates of analysts surveyed by Thomson Financial who had been expecting earnings of 30 cents per share.
Operating income fell 39 percent at Disney's film studio while revenue decreased 22 percent to $1.8 billion. This year's DVD releases have not sold as well as the DVD of the Pixar Animation Studios hit "The Incredibles" in the same period last year.
The company's media networks division, which includes ABC and cable channels such as ESPN, delivered the best performance with a 20 percent jump in operating income and a 18 percent rise in revenue to $3.6 billion.
Results were helped by higher subscriber fees at ESPN and rising advertising revenue at ABC, which continues its ratings comeback.
05-09-06 16:38 EDT
Copyright 2006 The Associated Press
