DISNEY CALLS FOR INVESTOR CONFIDENCE WORST IS OVER, EISNER SAYS.Byline: Greg Hernandez Staff Writer Chairman Michael D. Eisner and other top executives from The Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. faced shareholders Tuesday and assured them that despite a weak stock price, the conglomerate is on its way to strengthening its underperforming theme park and network television divisions. ``This continues to be a company you can count on,'' Eisner told shareholders who had gathered in Hartford, Conn., for the annual meeting. The affair was short on new financial information and heavily sprinkled with show-biz dazzle complete with appearances from the likes of Mickey Mouse Mickey Mouse Famous character of Walt Disney's animated cartoons. He was introduced in Steamboat Willie (1928), the first animated cartoon with sound. Mickey was created by Disney, who also provided his high-pitched voice, and was usually drawn by the studio's head animator, , Peter Pan and Belle from ``Beauty and the Beast Beauty and the Beast is a traditional fairy tale (type 425C -- search for a lost husband -- in the Aarne-Thompson classification). The first published version of the fairy tale was a meandering rendition by Madame Gabrielle-Suzanne Barbot de Villeneuve, published in .'' With Disney hit hard by a bleak advertising market and a sharp drop in tourism since the Sept. 11 attacks, company leaders said economic indicators Economic indicators The key statistics of the economy that reveal the direction the economy is heading in; for example, the unemployment rate and the inflation rate. give them cause to believe that the worst is behind them. As evidence, they cited Disney's first-quarter earnings, which beat Wall Street estimates when announced earlier this month. ``I think that senior management signaling that everything is turning around fits with their recent December quarter performance,'' said David Joyce David Joyce (26 February 1825 – 4 December 1904) was an American "lumber baron" and industrialist. His fortune was eventually inherited by Beatrice Joyce Kean who used it to establish the Joyce Foundation in 1948.[1] Early life David Joyce was born at Mt. , an analyst with Miami-based Guzman & Associates. ``I think they are keeping a very tight lid on costs that will be sustainable so they'll have good cash flow when things turn around.'' Thomas Staggs, Disney's chief financial officer, touted the company's ``unparalleled assets,'' strong balance sheet, significant earnings and cash flow potential. ``In this environment, it is easy to lose sight of those facts but never more important to keep them in mind,'' Staggs said. The poor ratings performance of the Disney-owned ABC television ABC Television may refer to:
``Returning ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. to No. 1 is not as daunting daunt tr.v. daunt·ed, daunt·ing, daunts To abate the courage of; discourage. See Synonyms at dismay. [Middle English daunten, from Old French danter, from Latin a task as it may sound,'' Eisner insisted. ``The prime-time ratings race is incredibly close. Because of the small margin of difference between the networks, it would take as few as two or three hit shows to take ABC back to the top.'' Joyce said with the dismal fall season behind them, the recent hiring of new ABC Entertainment ABC Entertainment is a network production company owned by The Walt Disney Company and ABC that created in 1982. It produced shows like America's Funniest Home Videos, America's Funniest People, and H.E.L.P.. President Susan Lyne seems to be a signal of better things ahead. ``I think they are doing what has to be done at ABC and I think we have seen the bottom,'' he said. ``(Lyne) is already starting to make changes.'' Meanwhile, with the Enron scandal still in full bloom full bloom the stage of a crop when two-thirds of the plants are in flower; the crop is mature. , the company on Tuesday reiterated its new policy of no longer retaining its auditors for consulting services or other functions not related to their auditing services. ``In the current world, it's become more important than ever to make sure our shareholders - and the market as a whole - have full confidence in our financial reports, including the integrity of the auditing process,'' Eisner said. Despite the company's current woes, shareholders voted by a 97.5 percent margin to return its 16 directors to new one-year terms, including Eisner, President Bob Iger and Vice Chairman Roy Disney. They also approved the company's 2002 Executive Performance Plan, which ties executive compensation to annual performance targets. Last year, neither Eisner nor Iger received bonuses. A shareholder proposal to require the company to prepare a special report to shareholders on theme park safety was soundly defeated by a more than 2-1 margin. Disney shares fell by 4.3 percent, or $1.04, to close at $22.86 Tuesday on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . The company stock is off by 32 percent since May 22, when it closed at its most recent peak of $34.50. CAPTION(S): photo Photo: Chairman Michael Eisner offers encouraging words to shareholders Tuesday at the company's annual meeting, held this year in Hartford, Conn. Bob Child/Associated Press |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion