This excerpt taken from the DIS 8-K filed Nov 6, 2008.
THE WALT DISNEY COMPANY REPORTS EARNINGS FOR FISCAL YEAR 2008
BURBANK, Calif. The Walt Disney Company today reported earnings for the fiscal year and fourth quarter ended September 27, 2008. Diluted earnings per share (EPS) for the year was $2.28, compared to $2.25 in the prior year. EPS for both the current and prior year included the impact of certain items discussed below. Excluding these items, EPS for the current year increased 18% to $2.27 compared to $1.92 in the prior year.
EPS for the prior year included gains on the sales of our interests in E! Entertainment and Us Weekly, favorable adjustments related to prior-year income tax matters, income from the discontinued operations of the ABC Radio business, and an equity-based compensation plan modification charge. Collectively, these items resulted in a net benefit of $0.33. EPS for the current year included an accounting gain related to the acquisition of the Disney Stores in North America, a gain on the sale of movies.com, the favorable resolution of certain prior-year income tax matters, and a fourth quarter bad debt charge for a receivable from Lehman Brothers. Collectively, these items resulted in a net benefit of $0.01 per share.
For the quarter, EPS was $0.40 compared to $0.44 in the prior-year quarter. Excluding the bad debt charge in the current-year quarter and the favorable resolution of tax matters in the prior-year quarter, EPS for the quarter was $0.43 compared to $0.42 for the prior-year quarter.
Im pleased by Disneys strong performance in fiscal year 2008, especially in light of the challenging economic environment, said Robert A. Iger, president and CEO. This is clearly a difficult and unpredictable time and while our businesses arent immune, the strength of our assets, brands, and management team positions us well for the long term.
The following table summarizes the full year and fourth quarter results for fiscal 2008 and 2007 (in millions, except per share amounts):