Maxie Zeus
08-10-2005, 09:13 AM
Third-quarter net income rose 41% at the Walt Disney Company and nine-month net income rose 24%, the company announced yesterday. Revenues in both the third-quarter and nine-month periods were up 4%.
For the three months ended July 2, Disney had net income of $851 million, compared to $604 million in the same period last year. Revenues rose to $7.7 billion. For the nine months ended July 2, Disney had net income of $2.3 billion, up from $1.8 billion in the 2004 period. Nine-month revenues rose to $24.2 billion.
Disney’s quarterly results were boosted by a 48% increase in operating income at its Media Networks unit, thanks to much stronger earnings at ESPN and ABC-TV. Parks and Resorts revenue and operating income rose by 7%, thanks to higher attendance, occupancy, and guest spending at its California and Florida parks. But Studio Entertainment revenue fell 15% and the segment suffered an operating loss of $34 million in the quarter due to a decrease in worldwide home video sales. Revenues at the Consumer Products division fell 23% and operating income fell 20%.
[Source: Business Wire (http://home.businesswire.com/portal/site/home/?epi_menuItemID=989a6827590d7dda9cdf6023a0908a0c&epi_menuID=c791260db682611740b28e347a808a0c&epi_baseMenuID=384979e8cc48c441ef0130f5c6908a0c&ndmViewId=news_view&newsLang=en&div=1865077808&newsId=20050809005997)]
For the three months ended July 2, Disney had net income of $851 million, compared to $604 million in the same period last year. Revenues rose to $7.7 billion. For the nine months ended July 2, Disney had net income of $2.3 billion, up from $1.8 billion in the 2004 period. Nine-month revenues rose to $24.2 billion.
Disney’s quarterly results were boosted by a 48% increase in operating income at its Media Networks unit, thanks to much stronger earnings at ESPN and ABC-TV. Parks and Resorts revenue and operating income rose by 7%, thanks to higher attendance, occupancy, and guest spending at its California and Florida parks. But Studio Entertainment revenue fell 15% and the segment suffered an operating loss of $34 million in the quarter due to a decrease in worldwide home video sales. Revenues at the Consumer Products division fell 23% and operating income fell 20%.
[Source: Business Wire (http://home.businesswire.com/portal/site/home/?epi_menuItemID=989a6827590d7dda9cdf6023a0908a0c&epi_menuID=c791260db682611740b28e347a808a0c&epi_baseMenuID=384979e8cc48c441ef0130f5c6908a0c&ndmViewId=news_view&newsLang=en&div=1865077808&newsId=20050809005997)]