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WALT DISNEY CO. REPORTS EARNINGS

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


(NYSE: DIS) today reported record revenues for the first quarter ended Dec. 31, 1991.
 Revenues rose to $1,936,638,000, a 30 percent increase from $1,492,383,000 for the period a year earlier. Earnings per share increased 22 percent to $1.56 per share from $1.28 per share, and net income increased 22 percent to $208,126,000 from $170,444,000 reported a year ago. Operating income climbed 20 percent to $368,571,000 from $307,677,000 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 strong demand for Disney animated film and television products as well as related character merchandise.
 Revenues for the Theme Parks and Resorts segment rose 6 percent to $662,443,000 for the first quarter compared to $623,761,000 in the prior year. Operating income decreased 18 percent to $113,071,000 compared to $138,647,000 a year ago.
 Theme park attendance was down slightly compared to the prior year quarter due to the timing of the holiday period. Additionally, despite a sharp rise in occupied room nights at company-owned resorts, increased room capacity resulted in lower occupancy rates. Increased costs associated with the establishing of the 20th Anniversary celebration at Walt Disney World also contributed to lower operating results.
 Revenues for the Filmed Entertainment segment increased 49 percent to a record $965,809,000 for the first quarter compared to $646,469,000 in the prior year. Operating income, which reached a record level, increased 81 percent to $166,829,000 compared to $91,944,000 a year ago.
 Revenues and operating income for the quarter reflected the spectacular success of the worldwide home video library release of "Fantasia," the performance of "Beauty and the Beast" in the domestic theatrical market and increased television activities.
 Revenues for the Consumer Products segment rose 39 percent to $308,386,000 for the first quarter compared to $222,153,000 in the prior year. Operating income increased 15 percent for the quarter to $88,671,000 compared to $77,086,000 a year ago.
 Results were driven by the excellent performance of film character merchandise, particularly "Beauty and the Beast" and "The Little Mermaid" in the United States, the continued expansion of The Disney Stores which experienced a successful holiday season, and the strong performance of European businesses. These positive factors offset the start-up costs associated with a number of new initiatives.
 Separately, the board of directors of the company declared a 20 percent increase in the quarterly dividend, from 17.5 cents to 21 cents per share. The increase will be reflected in the dividend to holders of record on April 10, 1992, payable on May 20.
 THE WALT DISNEY CO.
 (unaudited)
 Quarter Ended Dec. 31,
 1991 1990
 Revenues $1,936,638,000 $1,492,383,000
 Net income $208,126,000 $170,444,000
 Average shares outstanding 133,178,000 132,958,000
 Earnings per share $1.56 $1.28
 -0- 1/27/92
 /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


KJ -- LA019 -- 3951 01/27/92 17:33 EST
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Date:Jan 27, 1992
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