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THE WALT DISNEY CO. REPORTS EARNINGS

 THE WALT DISNEY CO. REPORTS EARNINGS
 BURBANK, Calif., April 27 /PRNewswire/ -- The Walt Disney Co.


(NYSE: DIS) today reported that second quarter earnings per share increased 29 percent over 1991.
 As previously announced, a 4-for-1 stock split was approved by the stockholders and became effective on April 20, 1992. All per share amounts have been adjusted to reflect the stock split.
 For the quarter, revenues rose to $1,655,084,000, a 15 percent increase from $1,438,989,000 in the comparable prior year period. Net income increased 30 percent to $164,097,000, or $.31 per share, compared to $126,645,000, or $.24 per share reported a year ago.
 For the six-month period, revenues climbed to $3,591,722,000, a 23 percent increase from $2,931,372,000 in the comparable prior year period. Net income increased 25 percent to $372,223,000 or $.70 per share, compared to $297,089,000 or $.56 per share reported a year ago.
 Operating income increased 28 percent to $297,670,000 compared to $231,881,000 for the quarter and 23 percent to $666,241,000 from $539,558,000 for the six-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 performance for the quarter reflected the continued strength of the company's animated film and television products and the related character merchandise. They added that the Theme Parks and Resorts segment reflected improved results over the prior-year's performance, which was negatively impacted by the Persian Gulf war.
 Revenues for the Theme Parks and Resorts segment increased 15 percent to $774,090,000 for the quarter compared to $671,098,000 in the prior year. Operating income increased 6 percent to $139,134,000 compared to $130,739,000 a year ago.
 For the six-month period, revenues increased 11 percent to $1,436,533,000 from $1,294,859,000 and operating income decreased 6 percent to $252,205,000 compared to $269,386,000 a year ago.
 Attendance for the quarter at Walt Disney World increased over the prior year. Increased per capita spending at all of the theme parks also contributed to higher operating results for the quarter. The improved results for the quarter were attained without any benefit from the Easter holiday period, which partially fell into the second quarter in fiscal 1991. The results for the second quarter also included a charge arising from the company's decision to terminate its lease on the Queen Mary hotel and attraction.
 At the East Coast resorts, occupied room nights rose sharply. Despite a significant addition to capacity resulting from the opening of the Dixie Landings and Port Orleans resorts, occupancy rates for the quarter still registered a modest increase.
 Revenues for the Filmed Entertainment segment rose 5 percent to $640,990,000 for the quarter, compared to $613,033,000 in the prior year. Operating income increased 85 percent for the quarter to $85,408,000 compared to $46,188,000 a year ago.
 For the six-month period, revenues rose 28 percent to $1,606,799,000 from $1,259,502,000, and operating income increased 83 percent to $252,237,000 compared to $138,132,000 a year ago.
 Record revenues and operating income for the quarter and six-month period reflected the continued worldwide success of the company's animated products, both newly produced and from its library, in the theatrical, home video and television markets. Results for both periods included the impact 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 55 percent to a record $240,004,000 for the quarter, compared to $154,858,000 in the prior year. Operating income increased 33 percent for the quarter to a record $73,128,000, compared to $54,954,000 in the prior year.
 For the six months, revenues rose 45 percent to $548,390,000 from $377,011,000 and operating income increased 23 percent to a record $161,799,000 from $132,040,000.
 Significant increases in both revenues and operating income for the quarter and the six-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 strong performance of the European businesses, particularly in publishing and licensing. Results for the six-month period also reflected the continued expansion and success of The Disney Stores in the United States.
 THE WALT DISNEY CO.
 Operating Highlights
 (Unaudited)
 Quarter Ended March 31,
 1992 1991
 Revenues $1,655,084,000 $1,438,989,000
 Net income $164,097,000 $126,645,000
 Earnings per share $.31 $.24
 Average shares
 outstanding 537,014,000 532,223,000
 Six Months Ended March 31,
 1992 1991
 Revenues $3,591,722,000 $2,931,372,000
 Net income $372,223,000 $297,089,000
 Earnings per share $.70 $.56
 Average shares outstanding 535,125,000 532,027,000
 -0- 4/27/92
 /CONTACT: Erwin Okun, senior VP of The Walt Disney Co., 818-560-5400/
 (DIS) CO: The Walt Disney Co. ST: California IN: ENT LEI SU: ERN


EH -- LA023 -- 3339 04/27/92 16:11 EDT
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Date:Apr 27, 1992
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