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DIS » Topics » THE WALT DISNEY COMPANY REPORTS THIRD QUARTER EARNINGS

This excerpt taken from the DIS 8-K filed Feb 9, 2010.

THE WALT DISNEY COMPANY REPORTS FIRST QUARTER EARNINGS

BURBANK, Calif. – The Walt Disney Company today reported earnings for its first fiscal quarter ended January 2, 2010. Diluted earnings per share (EPS) for the quarter were $0.44 compared to $0.45 in the prior-year quarter. EPS for the current and prior-year quarter include the items discussed in the following paragraph. Excluding these items, EPS for the quarter increased 15% to $0.47 compared to $0.41 in the prior-year quarter.

The current quarter included restructuring and impairment charges and a gain on the sale of an investment in a television service in Europe, which together had a net adverse impact of $0.03 on EPS. The prior-year quarter included a gain on the sale of our investment in two pay television services in Latin America, which benefited EPS by $0.04.

“We are pleased with our first quarter results and are excited about our creative pipeline, from upcoming movies like Alice in Wonderland and Toy Story 3 to new attractions at our Parks and Resorts,” said Robert A. Iger, President and CEO, The Walt Disney Company. “Our unique ability to deliver outstanding experiences to consumers across platforms, markets and businesses gives us a strong competitive advantage and positions us well for long-term growth.”

 

1

The following table summarizes the first quarter results for fiscal 2010 and 2009 (in millions, except per share amounts):

 

     Quarter Ended        
     Jan. 2,
2010		      Dec. 27,
2008		     Change  

Revenues

    $ 9,739      $ 9,599      1 % 

Segment operating income (1)

   $ 1,575      $ 1,444      9 % 

Net income (2) 

    $ 844      $ 845      —   % 

Diluted EPS (2) 

    $ 0.44      $ 0.45      (2 )% 

Cash provided by operations

    $ 915      $ 262      >100 % 

Free cash flow (1)

    $ 608      $ (29 )    nm   

 

  (1)

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

  (2)

Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of noncontrolling (minority) interests

This excerpt taken from the DIS 8-K filed Jul 30, 2009.

THE WALT DISNEY COMPANY REPORTS THIRD QUARTER EARNINGS

BURBANK, Calif. – The Walt Disney Company today reported earnings for its third fiscal quarter and nine months ended June 27, 2009. Diluted earnings per share (EPS) for the third quarter were $0.51, compared to $0.66 in the prior-year quarter. EPS for the current quarter included $0.01 of restructuring and impairment charges while the prior-year quarter included an accounting gain related to the acquisition of the Disney Stores North America, a gain on the sale of movies.com, and the favorable resolution of certain income tax matters which collectively benefited EPS by $0.04. Excluding these items, EPS decreased 16% to $0.52 from $0.62 in the prior-year quarter.

For the nine-month period, diluted EPS was $1.29 compared to $1.87 in the prior-year period. EPS for the current nine months included a gain on the sale of our investment in two pay television services in Latin America and restructuring and impairment charges which together had a net $0.07 adverse impact on EPS. EPS for the prior-year period included the gains and tax benefits discussed above. Excluding these items, EPS for the nine-month period was $1.36 compared to $1.83 in the prior-year nine months.

“While a tough global economy impacted our performance in the quarter, we remain encouraged by the relative strength of our business,” said president and CEO Robert A. Iger. “That strength is the result of Disney’s combination of strong brands, consistent business strategy and the steps we’ve taken to make our businesses more efficient without sacrificing quality.”

 

1

The following table summarizes the third quarter and nine-month results for fiscal 2009 and 2008 (in millions, except per share amounts):

 

     Quarter Ended          Nine months ended       
     June 27,
2009		    June 28,
2008		    Change     June 27,
2009		    June 28,
2008		    Change  

Revenues

    $ 8,596    $ 9,236    (7 )%    $ 26,282    $ 28,398    (7 )% 

Segment operating income (1)

    $ 1,849    $ 2,320    (20 )%    $ 4,819    $ 6,707    (28 )% 

Net income

    $ 954    $ 1,284    (26 )%    $ 2,412    $ 3,667    (34 )% 

Diluted EPS (2)

    $ 0.51    $ 0.66    (23 )%    $ 1.29    $ 1.87    (31 )% 

Cash provided by operations

    $ 1,259    $ 936    35 %    $ 3,326    $ 4,201    (21 )% 

Free cash flow (1)

   $ 881    $ 583    51 %    $ 2,199    $ 3,252    (32 )% 

 

  (1)

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

  (2)

EPS for the current quarter includes restructuring charges which had a $0.01 per share impact on EPS. EPS for the prior-year quarter included an accounting gain related to the acquisition of the Disney Stores North America, a gain on the sale of movies.com, and the favorable resolution of certain income tax matters which collectively benefited EPS by $0.04. Excluding these items, EPS for the quarter was $0.52, down 16% from the prior-year quarter. EPS for the nine months included a gain on the sale of our investment in two pay television services in Latin America, which is reported in “Other Income” in the consolidated statements of income, and restructuring and impairment charges that together had a $0.07 net impact on EPS. Excluding these items, EPS for the nine months was $1.36, down 26% from the prior-year period.

This excerpt taken from the DIS 8-K filed May 5, 2009.

THE WALT DISNEY COMPANY REPORTS SECOND QUARTER EARNINGS

BURBANK, Calif. – The Walt Disney Company today reported earnings for its second fiscal quarter and six months ended March 28, 2009. Diluted earnings per share (EPS) for the second quarter were $0.33 including restructuring and impairment charges which had a $0.10 per share impact on EPS. Excluding these items, EPS decreased 26% to $0.43 from $0.58 in the prior-year quarter.

For the six month period, diluted EPS was $0.78. In addition to the restructuring and impairment charges, EPS for the six month period included a gain on the sale of our investment in two pay television services in Latin America. Collectively, these items adversely affected EPS by $0.07 per share for the six months. Excluding these items, EPS decreased 30% to $0.85 from $1.21 in the prior-year six months.

“We had a difficult second quarter due to the weak economy and other factors,” said Robert A. Iger, president and CEO, The Walt Disney Company. “At the same time, we remain focused on our core business strategy and believe our creativity, brands and businesses will serve us well as the economy recovers.”

 

1

The following table summarizes the second quarter and six-month results for fiscal 2009 and 2008 (in millions, except per share amounts):

 

     Quarter Ended          Six Months Ended       
     March 28,
2009		    March 29,
2008		    Change     March 28,
2009		    March 29,
2008		    Change  

Revenues

    $ 8,087    $ 8,710    (7 )%   $ 17,686    $ 19,162    (8 )%

Segment operating income (1)

    $ 1,526    $ 2,139    (29 )%   $ 2,970    $ 4,387    (32 )%

Net income

    $ 613    $ 1,133    (46 )%   $ 1,458    $ 2,383    (39 )%

Diluted EPS (2)

    $ 0.33    $ 0.58    (43 )%   $ 0.78    $ 1.21    (36 )%

Cash provided by operations

    $ 1,805    $ 2,603    (31 )%   $ 2,067    $ 3,265    (37 )%

Free cash flow (1)

    $ 1,347    $ 2,256    (40 )%   $ 1,318    $ 2,669    (51 )%

 

 

(1)

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

 

(2)

EPS for the current quarter includes restructuring and impairment charges which had a $0.10 per share impact on EPS. Excluding these items, EPS for the quarter was $0.43, down 26% from the prior-year quarter. EPS for the six months also included a gain on the sale of our investment in two pay television services in Latin America which is reported in “Other Income” in the consolidated statements of income. This gain and the restructuring and impairment charges collectively had a negative $0.07 per share impact on EPS for the six months. Excluding these items, EPS for the six months was $0.85, down 30% from the prior-year period.

This excerpt taken from the DIS 8-K filed Feb 3, 2009.

THE WALT DISNEY COMPANY REPORTS FIRST QUARTER EARNINGS

BURBANK, Calif. – The Walt Disney Company today reported earnings for its first fiscal quarter ended December 27, 2008. Diluted earnings per share (EPS) for the quarter were $0.45, compared to $0.63 in the prior-year quarter. EPS for the current quarter included a gain on the sale of our investment in two pay television services in Latin America, which resulted in a benefit of $0.04 per share.

“We faced a challenging first quarter with many of our businesses impacted to various degrees by the economic downturn,” said Robert A. Iger, Disney’s president and CEO. “We are forcefully confronting current circumstance while investing in the great creativity, brands and assets that are Disney’s strengths and keys to its long-term success.”

 

1

The following table summarizes the first quarter results for fiscal 2009 and 2008 (in millions, except per share amounts):

 

     Quarter Ended       
     Dec. 27,
2008		     Dec. 29,
2007		    Change  

Revenues

    $ 9,599     $ 10,452    (8 )%

Segment operating income (1)

   $ 1,444     $ 2,248    (36 )%

Net income

    $ 845     $ 1,250    (32 )%

Diluted EPS

    $ 0.45     $ 0.63    (29 )%

Cash provided by operations

    $ 262     $ 662    (60 )%

Free cash flow (1)

    $ (29 )   $ 413    nm  

 

 

(1)

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

EXCERPTS ON THIS PAGE:

8-K
Feb 9, 2010
8-K
Jul 30, 2009
8-K
May 5, 2009
8-K
Feb 3, 2009

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