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Disney Reports First Quarter Earnings

The Walt Disney Company on Monday reported earnings for the first quarter ended December 31, 2005. Net income came in at $734 million or $0.37 a share, compared with $686 million or $0.33 a share a year ago. Revenue climbed 2% to $8.85 billion from last year’s level of $8.67 billion.

The company also reported operating income growth at Parks and Resorts, Media Networks, and Consumer Products. This was offset by lower results at Studio Entertainment.

Disney also said it would combine its twenty-two (22) ABC radio stations and the ABC Radio Network with the assets of Citadel Broadcasting Corp. in a deal worth $2.7 billion.

Regarding the earnings results, Disney CEO Robert Iger had this to say:

“I am encouraged by the solid momentum in our earnings and the financial and creative strengths that underpin these results. We continue to focus on our strategy of creating the finest content, embracing leading edge technologies, and strengthening our global presence and in doing so, we are confident in our ability to deliver long-term success across each of our businesses. Our recently announced plan to acquire Pixar advances our efforts against each aspect of that strategy. In addition, today’s announcement of our proposed combination of the ABC Radio business with Citadel Broadcasting underscores our commitment to maximizing the value of our assets for our shareholders, while focusing our capital and management resources toward our core businesses.”

[Sources: Business Wire; Market Watch]

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