2002 LOCAL BUSINESS: A GOOFY YEAR FINANCIAL TROUBLES MOUNT FOR DISNEY.Byline: Greg Hernandez Staff Writer Weak theme-park attendance, a television network behind in the ratings, high-level corporate tension, and a major holiday season movie bomb combined for a difficult 2002 for Burbank-based The Walt Disney Co. After an upbeat announcement of fourth-quarter earnings Nov. 7, Disney was forced to revise its numbers in early December because its costly animated film ``Treasure Planet'' grossed a mere $16.5 million when it opened over the five-day Thanksgiving holiday. The film was expected to gross at least twice that amount during its maiden weekend and Disney expects its pretax losses on the film to amount to a staggering $47 million. Still, the company's film division had an overall healthy year, led by the blockbuster grosses for ``Signs,'' the suspense-thriller starring Mel Gibson that grossed more than $200 million. Other $100 million-plus grossers were ``The Santa Clause 2,'' ``Sweet Home Alabama Sweet Home Alabama (song) ,'' and ``Lilo 1. (operating system) lilo - Linux Loader. 2. lilo - first-in first-out. & Stitch.'' While the studio had several other solid hits like ``The Rookie'' and ``Snow Dogs,'' several other films misfired badly in addition to ``Treasure Planet'' including ``Bad Company,'' ``The Country Bears,'' ``Big Trouble'' and ``Sorority Boys.'' Disney has also thrived in the home-entertainment arena with massive DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. sales for such titles as ``Monsters, Inc.'' and ``Lilo & Stitch'' and a series of direct-to-video animated sequels to Disney classics. The fortunes of Disney's ABC television network have steadied after a disastrous free-fall last season with the enormously popular reality series ``The Bachelor'' and some modest new sitcom hits. The network scored an impressive second-place finish in the coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. 18- to 49-year-old demographic during the November sweeps period. The company's all-important parks and resorts division continues to struggle as it has since the Sept. 11, 2001, terrorist attacks. In the fourth quarter, attendance was down an overall 20 percent at domestic parks comprised of Disneyland and Disney's California Adventure Disney's California Adventure is a theme park in Anaheim, California, adjacent to Disneyland Park and part of the larger Disneyland Resort. It opened on February 8, 2001. The park is owned and operated by The Walt Disney Company. in Anaheim and Walt Disney World Noun 1. Walt Disney World - a large amusement park established in 1971 to the southwest of Orlando Orlando - a city in central Florida; site of Walt Disney World Resort in Florida. International attendance at such parks as Disneyland Paris and Hong Kong Disneyland Hong Kong Disneyland (Traditional Chinese: 香港迪士尼樂園) is the first theme park inside the Hong Kong Disneyland Resort, which is owned and managed by the Hong Kong International Theme Parks, declined by an overall 35 percent. One undeniable bright spot was the Disney-owned Anaheim Angels baseball team winning its first World Series. On the other hand, Disney has made clear that despite owning a world champ, it would like to sell the team and get out of the professional sports business altogether. Longtime Disney Chairman Michael D. Eisner came under fire throughout the year due to the company's struggles and questions over who might succeed him as head of the company. One possible successor, former Disney Parks and Resorts President Paul Pressler, stunned many when he left Disney to take over as head of the Gap Inc. Eisner has since made clear that when he decides to step down, he would like to see Disney President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Robert Iger take over the reins of the company. CAPTION(S): photo Photo: Disney Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael Eisner talks about ABC's new show lineup during an unveiling of 20 by 29 foot posters on the sides of Walt Disney Studios' soundstages in Burbank. Gus Ruelas/Staff Photographer |
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