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DISNEY ANNOUNCES ACTIONS AT ANNUAL MEETING

 DISNEY ANNOUNCES ACTIONS AT ANNUAL MEETING
 LAKE BUENA VISTA, Fla., Feb. 18 /PRNewswire/ -- In other action at


Disney's annual meeting, shareholders elected architect Robert A. M. Stern a new member of the board of directors. Re-elected to three-year terms were Disney president and COO Frank Wells, Richard A. Nunis, chairman, Walt Disney Attractions and E. Cardon Walker, a retired chairman of the company. Longtime directors Caroline Lionetti Ahmanson and former Disney CEO Donn Tatum retired.
 In a joint presentation with Frank Wells to about 4,000 shareholders, Eisner emphasized the significance of the April 12 opening of Euro Disney, a 4,800-acre theme park and resort near Paris. Eisner said the opening of Euro Disney will mark the beginning of one of the most important chapters in the company's 79-year history.
 Initially the resort will include a theme park similar to the Magic Kingdoms in Florida and California, six hotels, a championship golf course, campgrounds and an entertainment center. A second theme park -- the Disney-MGM Studios Tour -- will open on the site in 1995.
 Wells said that despite disappointing results, 1991 was the second best year in the company's history. He said highlights of the year include the continued popularity and commercial success of Disney animation around the world, impressive growth by Disney in network television, the first full year of profitability for The Disney Stores and the continuing growth of The Disney Channel.
 Chief financial officer Richard Nanula put into perspective the company's '91 financial results. He described the company's financial strength and said he was "cautiously optimistic" about the remainder of the year. He said he expected to see a gradual turnaround in the general economy and Disney was already beginning to show signs of a recovery in its businesses.
 For the first time, shareholders heard a report on the progress the company has made on environmental issues. Kym Murphy, corporate vice president of environmental policy, said the company intensified its recycling efforts in 1991, retrieving 10,000 tons of materials. He reported that the company already has achieved water savings of nearly 40 percent in California.
 For the first quarter ended Dec. 31, 1991, Disney reported revenues of $1.94 billion, a 30 percent increase from $1.49 billion for the same period a year earlier. Earnings per share increased 22 percent to $1.56 from $1.28, and net income climbed 22 percent to $208.1 million from $170.4 million. Operating income was up 20 percent to $368.6 million from $307.7 million the year before.
 -0- 2/18/92
 /CONTACT: Erwin Okun, senior vice president of Walt Disney Company, 407-934-3951/
 (DIS) CO: Walt Disney Company ST: California, Florida IN: ENT SU:


KD-TS -- NY072 -- 9977 02/18/92 13:15 EST
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Date:Feb 18, 1992
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