This excerpt taken from the DIS 8-K filed May 8, 2007.
EARNINGS AND STRONG SEGMENT OPERATING INCOME GROWTH
BURBANK, Calif. The Walt Disney Company today reported earnings for the second quarter and six months ended March 31, 2007. Diluted earnings per share (EPS) for the second quarter increased 19% to $0.44, compared to $0.37 in the prior-year quarter, reflecting growth at each operating segment. For the six-month period, diluted EPS increased to $1.24, compared to $0.74 in the prior-year period.
Results for the six-month period of fiscal 2007 included gains on sales of our interests in E! Entertainment and Us Weekly totaling $1.1 billion and an equity-based compensation plan modification charge of $48 million associated with the planned ABC Radio transaction, which were all recognized in the first quarter of fiscal 2007. The prior-year six-month period included gains on sales of a Spanish cable equity investment and Discover Magazine totaling $70 million, which were both recognized in the first quarter of fiscal 2006. Collectively, these items increased EPS for the current and prior-year six-month periods by $0.30 and $0.02, respectively. Excluding these items, EPS increased 31% to $0.94 from $0.72 in the prior-year six-month period.
During the first six months of fiscal 2007, the Company repurchased 96 million shares for approximately $3.3 billion, of which 67 million shares for $2.3 billion were purchased in the second quarter. On May 1, 2007, the Board of Directors of the Company increased the share repurchase authorization to a total of 400 million shares.
Im pleased to report another excellent quarter, with double digit increases in earnings per share as well as operating income across all of our business segments, said Robert A. Iger, president and CEO. Disneys second quarter results confirm the strength of our strategic vision and the quality of the management team that is executing on it.
The following table summarizes the second quarter and six-month results for fiscal 2007 and 2006 (in millions, except per share amounts):