THE WALT DISNEY CO. REPORTS EARNINGS
THE WALT DISNEY CO. REPORTS EARNINGS BURBANK, Calif., July 23 /PRNewswire/ -- The Walt Disney Co.
(NYSE: DIS) today reported that third quarter earnings per share increased 32 percent over 1991.
For the quarter, revenues rose to a record $1,853,473,000, a 23 percent increase from $1,511,625,000 in the comparable prior-year period. Net income increased 33 percent to $220,755,000, or $.41 per share, compared to $165,465,000, or $.31 per share reported a year ago. For the nine-month period, revenues climbed to a record $5,445,195,000, a 23 percent increase from $4,442,997,000 in the comparable prior-year period. Net income increased 28 percent to $593,003,000 or $1.11 per share, compared to $462,554,000 or $.87 per share reported a year ago. Operating income increased 29 percent to $389,558,000 compared to $302,040,000 for the quarter and 25 percent to a record $1,055,799,000 from $841,598,000 for the nine-month period. In a joint statement, Michael D. Eisner, chairman and chief executive officer, and Frank G. Wells, president and chief operating officer, said that the results demonstrated the strength in all three of the company's business segments and the continued demand for the company's animated products. Revenues for the Theme Parks and Resorts segment increased 17 percent to a record $890,480,000 for the quarter compared to $758,976,000 in the prior year. Operating income increased 10 percent to $194,287,000, compared to $176,454,000 a year ago. For the nine-month period, revenues increased 13 percent to $2,327,013,000 from $2,053,835,000 and operating income was flat at $446,492,000, compared to $445,840,000 a year ago. Attendance for the quarter at both Walt Disney World and Disneyland increased over the prior year. Additionally, increased per capita spending at the domestic theme parks contributed to higher operating results for the quarter. The improved results for the quarter also reflected the benefit from the Easter holiday period, which only partially fell into the third quarter in fiscal 1991. At the East Coast resort hotels, occupied room nights rose sharply to record levels reflecting the absorption of the additional capacity resulting from the opening of the Dixie Landings and Port Orleans resorts. Occupancy rates for the quarter also registered a sizeable increase over the prior-year period. Although the opening of Euro Disney on April 12 was a great success, strong domestic Theme Parks and Resorts results were negatively impacted by the company's investment in Euro Disney. The company has been pleased, however, with the level of guest satisfaction at Euro Disney and noted that attendance to date has surpassed levels for comparable start-up periods at other Disney theme parks, although no inference as to future attendance or profitability of Euro Disney should be drawn. Revenues for the Filmed Entertainment segment rose 21 percent to $723,801,000 for the quarter, compared to $597,137,000 in the prior year. Operating income increased 70 percent for the quarter to $134,432,000, compared to $79,135,000 a year ago. For the nine-month period, revenues rose 26 percent to $2,330,600,000 from $1,856,639,000, and operating income increased 78 percent to $386,669,000 compared to $217,267,000 a year ago. Record revenues and operating income for the quarter and nine- month period reflected the continued worldwide success of the company's animated products, both newly produced and from its library, in the home video, theatrical and television markets. Results for both periods included the impact of the domestic home video release of "101 Dalmatians." Nine-month results also reflected the success of the worldwide home video release of "Fantasia" and the record domestic theatrical release of the Academy Award-winning "Beauty and the Beast." Revenues for the Consumer Products segment rose 54 percent to a record $239,192,000 for the quarter, compared to $155,512,000 in the prior year. Operating income increased 31 percent for the quarter to a record $60,839,000, compared to $46,451,000 in the prior year. For the nine months, revenues rose 48 percent to $787,582,000 from $532,523,000 and operating income increased 25 percent to a record $222,638,000 from $178,491,000. Significant increases in both revenues and operating income for the quarter and the nine-month periods were primarily driven by the success of film character merchandise, particularly "The Little Mermaid," "101 Dalmatians" and "Beauty and the Beast" in the United States, and the continued strength of the European businesses, particularly in publishing and licensing. Results for the nine-month period also reflected the further expansion and success of The Disney Stores in the United States. THE WALT DISNEY CO. Financial Highlights Results are as follows (unaudited): Quarter Ended June 30, 1992 1991 Revenues $1,853,473,000 $1,511,625,000 Net income $220,755,000 $165,465,000 Earnings per share $.41 $.31 Average shares outstanding 538,378,000 532,868,000 Nine Months Ended June 30, 1992 1991 Revenues $5,445,195,000 $4,442,997,000 Net income $593,003,000 $462,554,000 Earnings per share $1.11 $.87 Average shares outstanding 536,424,000 532,308,000 -0- 7/23/92 /CONTACT: Erwin Okun, senior VP of The Walt Disney Co., 818-560-5400/ (DIS) CO: The Walt Disney Co. ST: California IN: LEI ENT SU: ERN
AL-JL -- LA002 -- 2252 07/23/92 08:01 EDT
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|Date:||Jul 23, 1992|
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