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DIS » Topics » THIRD QUARTER EARNINGS

This excerpt taken from the DIS 8-K filed Jul 30, 2008.

THIRD QUARTER EARNINGS

    BURBANK, Calif. – The Walt Disney Company today reported earnings for the third fiscal quarter and nine months ended June 28, 2008. Diluted earnings per share (EPS) for the third quarter increased to $0.66, compared to $0.57 in the prior-year quarter. EPS for the current quarter included an accounting gain related to the acquisition of the Disney Stores in North America, a gain on the sale of movies.com, and the favorable resolution of certain prior-year income tax matters. Collectively, these items totaled $0.04 per share.

    For the current nine-month period, diluted EPS was $1.87. EPS for the prior-year nine-month period, which included gains on sales of our interests in E! Entertainment and Us Weekly, income from the discontinued operations of the ABC Radio business, and an equity-based compensation plan modification charge, which were all recognized in the first quarter of fiscal 2007, was $1.81. Excluding these items and the current-year items discussed above, EPS for the current-year nine months was $1.83 compared to $1.50 in the prior-year nine months.

    “We’ve had another solid quarter at The Walt Disney Company, further illustrating our creative momentum, the competitive strength of our brands and our ability to cohesively manage a great collection of assets to maximize shareholder value,” said Robert A. Iger, president and chief executive officer.

 

1

The following table summarizes the third quarter and nine-month results for fiscal 2008 and 2007 (in millions, except per share amounts):

 

     Quarter Ended        Change        Nine Months Ended        Change    
         June 28,    
2008		        June 30,    
2007		           June 28,    
2008		        June 30,    
2007		   

Revenues

          $     9,236              $     9,045        2    %            $     28,398            $     26,580        7    %    

Segment operating income (1)

          $ 2,323              $ 2,285        2    %            $ 6,712            $ 5,999        12    %    

Income from continuing operations

          $ 1,284              $ 1,196        7    %            $ 3,667            $ 3,791        (3)   %    

Diluted EPS from continuing operations

          $ 0.66              $ 0.58        14    %            $ 1.87            $ 1.80        4    %    

Diluted EPS (2)

          $ 0.66              $ 0.57        16    %            $ 1.87            $ 1.81        3    %    

Cash provided by continuing operations

          $ 936              $ 1,127        (17)   %            $ 4,201            $ 3,825        10    %    

Free cash flow (1)

          $ 583              $ 687        (15)   %            $ 3,252            $ 2,839        15    %    

 

 

(1)

Aggregate segment operating income and free cash flow are non-GAAP financial measures. See the discussion of non-GAAP financial measures below.

 

(2)

Results for the nine months ended June 28, 2008 included an accounting gain related to the acquisition of the Disney Stores in North America, a gain on the sale of movies.com, and the favorable resolution of certain prior-year income tax matters. Diluted EPS for the nine months ended June 28, 2008 excluding these items was $1.83. Results for the nine months ended June 30, 2007 included gains on the sales of equity investments in E! Entertainment and Us Weekly, income from the discontinued ABC Radio business and a charge related to a modification of equity-based compensation plans in connection with the ABC Radio transaction. Diluted EPS for the nine months ended June 30, 2007 excluding these items was $1.50. See the discussion of non-GAAP financial measures below.

This excerpt taken from the DIS 8-K filed May 6, 2008.

SECOND QUARTER EARNINGS

 

  •  

EPS from continuing operations for the second quarter increased 35% to $0.58 compared to $0.43 in the prior-year quarter

 

  •  

Net income for the quarter increased 22% to $1.1 billion

 

  •  

Segment operating income for the quarter increased 21% to $2.1 billion, led by strong growth at Media Networks, Studio Entertainment and Parks and Resorts

BURBANK, Calif. – The Walt Disney Company today reported earnings for the second fiscal quarter and six months ended March 29, 2008. Diluted earnings per share (EPS) for the second quarter increased to $0.58, compared to $0.44 in the prior-year quarter. Earnings per share from continuing operations in the prior-year quarter totaled $0.43.

For the six-month period, diluted EPS was $1.21. EPS for the prior-year six-month period, which included gains on sales of our interests in E! Entertainment and Us Weekly, income from the discontinued operations of the ABC Radio business, and an equity-based compensation plan modification charge, which were all recognized in the first quarter of fiscal 2007, were $1.24. Excluding these items, EPS for the six-month period increased 30% to $1.21 from $0.93 in the prior-year six months.

“We had an outstanding quarter financially and creatively at The Walt Disney Company,” said Robert A. Iger, president and chief executive officer. “This performance demonstrates how The Disney Difference gives us a critical and sustainable market advantage. That difference centers on our proven ability to create high-quality content across our wide-ranging distribution and promotional platforms, allowing us to leverage our hits and grow our company.”

 

1

The following table summarizes the second quarter and six-month results for fiscal 2008 and 2007 (in millions, except per share amounts):

 

     Quarter Ended    Change     Six Months Ended    Change  
     March 29,
2008		    March 31,
2007		      March 29,
2008		    March 31,
2007		   

Revenues

    $ 8,710    $ 7,954    10 %   $ 19,162    $ 17,535    9 %

Segment operating income (1)

    $ 2,140    $ 1,764    21 %   $ 4,389    $ 3,714    18 %

Income from continuing operations (2)

   $ 1,133    $ 919    23 %   $ 2,383    $ 2,595    (8 )%

Diluted EPS from continuing operations (2)

    $ 0.58    $ 0.43    35 %   $ 1.21    $ 1.22    (1 )%

Diluted EPS (2)

    $ 0.58    $ 0.44    32 %   $ 1.21    $ 1.24    (2 )%

Cash provided by continuing operations

    $ 2,603    $ 2,206    18 %   $ 3,265    $ 2,698    21 %

Free cash flow (1)

    $ 2,256    $ 1,905    18 %   $ 2,669    $ 2,152    24 %

 

(1)

Aggregate segment operating income and free cash flow are non-GAAP financial measures. See the discussion of non-GAAP financial measures below.

(2)

Results for the six months ended March 31, 2007 included gains on the sales of equity investments in E! Entertainment and Us Weekly, income from the discontinued ABC Radio business and a charge related to a modification of equity-based compensation plans in connection with the ABC Radio transaction. Diluted EPS for the six months ended March 31, 2007 excluding these items was $0.93. See the discussion of non-GAAP financial measures below.

This excerpt taken from the DIS 8-K filed Feb 5, 2008.

FIRST QUARTER EARNINGS

BURBANK, Calif. – The Walt Disney Company today reported earnings for its first fiscal quarter ended December 29, 2007. Diluted earnings per share (EPS) for the quarter were $0.63. EPS in the prior-year quarter, which included gains on sales of our interests in E! Entertainment and Us Weekly, income from the discontinued operations of the ABC Radio business, and an equity-based compensation plan modification charge, were $0.79. Excluding these items, EPS increased 29% to $0.63 from $0.49 in the prior-year quarter.

“We’ve started off 2008 with another outstanding quarter, marked by strong creative and operational performances,” said Robert A. Iger, president and chief executive officer. “These results once again highlight the quality of our content and our unique ability to leverage it across our many businesses and territories.”

The following table summarizes the first quarter results for fiscal 2008 and 2007 (in millions, except per share amounts):

 

     Quarter Ended  
     Dec. 29,
2007		    Dec. 30,
2006		    Change  

Revenues

    $ 10,452    $ 9,581    9 %

Segment operating income(1)

   $ 2,249    $ 1,950    15 %

Income from continuing operations(2)

    $ 1,250    $ 1,676    (25 )%

Diluted EPS from continuing operations(2)

    $ 0.63    $ 0.78    (19 )%

Diluted EPS(2)

    $ 0.63    $ 0.79    (20 )%

Cash provided by continuing operations

    $ 662    $ 492    35 %

Free cash flow(1)

    $ 413    $ 247    67 %

 

(1)

Aggregate segment operating income and free cash flow are non-GAAP financial measures. See the discussion of non-GAAP financial measures below.

(2)

Prior-year amounts include gains on sales of our interest in E! Entertainment and Us Weekly and an equity-based compensation plan modification charge.

EXCERPTS ON THIS PAGE:

8-K
Jul 30, 2008
8-K
May 6, 2008
8-K
Feb 5, 2008

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