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THE WALT DISNEY CO. REPORTS EARNINGS

 BURBANK, Calif., Jan. 25 /PRNewswire/ -- The Walt Disney Co. (NYSE: DIS) today reported record earnings for the first quarter ended Dec. 31, 1992.
 Revenues rose to $2,391,356,000, a 25 percent increase from $1,916,333,000 for the period a year earlier. Earnings per share increased 23 percent to $.48 per share from $.39 per share, and net income increased 25 percent to $260,304,000 from $208,126,000 reported a year ago. Operating income climbed 44 percent to $502,337,000 from $348,266,000 last year.
 In a joint statement, Michael D. Eisner, chairman and chief executive officer, and Frank G. Wells, president and chief operating officer, said the results for the quarter reflected strength in all three of the company's business segments and the continued success of Disney's animated film and television products as well as related character merchandise.
 Revenues for the Theme Parks and Resorts segment rose 16 percent to $745,044,000 for the first quarter compared to $642,138,000 in the prior year. Operating income increased 54 percent to $142,856,000 compared to $92,766,000 a year ago.
 The segment results were positively impacted by strong attendance, mainly due to the timing of the New Year's holiday, and a significant increase in occupied rooms.
 Revenues for the Filmed Entertainment segment increased 25 percent to a record $1,209,206,000 for the first quarter compared to $965,809,000 in the prior year. Operating income reached a record level of $235,726,000, representing an increase of 41 percent compared to $166,829,000 a year ago.
 Revenues and operating income for the quarter reflected the spectacular success of the domestic home video release and international theatrical distribution of "Beauty and the Beast" and the performance of "Aladdin" in the domestic theatrical market. The domestic home video and international theatrical release of "Sister Act" and the international home video release of "Cinderella" also contributed to results for the quarter.
 Revenues for the Consumer Products segment of $437,106,000 for the first quarter increased 42 percent compared to $308,386,000 in the prior year. Operating income increased 40 percent for the quarter to $123,755,000 compared to $88,671,000 a year ago.
 Results were driven by the excellent performance of film character merchandise, primarily "Beauty and the Beast," "The Little Mermaid" and "Aladdin" in the United States, together with the strong performance of European businesses. The Disney Stores also contributed to the results for the quarter with an increased number of stores and strong improvement in same store performance over the prior year.
 The company's investment in Euro Disney resulted in a loss of $42,961,000 for the quarter, reflecting the company's equity share of Euro Disney's loss, after being partially offset by royalties and other income related to the investment.
 Results were as follows:
 Quarter Ended Dec. 31,
 1992 1991
 (Unaudited)
 Revenues $2,391,356,000 $1,916,333,000
 Net income $260,304,000 $208,126,000
 Average shares outstanding 543,134,000 532,712,000
 Earnings per share $.48 $.39
 -0- 1/25/93
 /CONTACT: Tom Deegan of The Walt Disney Co., 818-560-1572/
 (DIS)


CO: The Walt Disney Co. ST: California IN: ENT LEI SU: ERN

KJ-JB -- LA044 -- 8809 01/25/93 18:29 EST
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Publication:PR Newswire
Date:Jan 25, 1993
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