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DIS » Topics » THE WALT DISNEY COMPANY REPORTS EARNINGS FOR FISCAL YEAR 2008

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

THE WALT DISNEY COMPANY REPORTS EARNINGS FOR FISCAL YEAR 2008

 

  •  

EPS for the year was $2.28, compared to $2.25 in the prior year. EPS for the prior and current year included net benefits of $0.33 and $0.01, respectively, from certain items which are detailed below

 

  •  

EPS excluding these items was $2.27, up 18% from $1.92 in the prior year

 

  •  

EPS for the quarter was $0.40 versus $0.44 in the prior-year quarter. Excluding the items discussed below, EPS was $0.43 for the quarter compared to $0.42 in the prior-year quarter

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.

“I’m pleased by Disney’s 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 aren’t immune, the strength of our assets, brands, and management team positions us well for the long term.”

 

1

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

 

     Year Ended         Quarter Ended     
     Sept. 27,
2008		    Sept. 29,
2007		   

Change

    Sept. 27,
2008		    Sept. 29,
2007		   

Change

Revenues

    $ 37,843    $ 35,510    7 %    $ 9,445    $ 8,930    6 %

Segment operating income (1)

    $ 8,456    $ 7,811    8 %    $ 1,744    $ 1,812    (4)%

Income from continuing operations

    $ 4,427    $ 4,674    (5)%    $ 760    $ 883    (14)%

Diluted EPS from continuing operations

    $ 2.28    $ 2.24    2 %    $ 0.40    $ 0.44    (9)%

Diluted EPS (2)

    $ 2.28    $ 2.25    1 %    $ 0.40    $ 0.44    (9)%

Cash provided by continuing operating activities

    $ 5,446    $ 5,398    1 %    $ 1,245    $ 1,573    (21)%

Free cash flow (1)

    $ 3,868    $ 3,832    1 %    $ 616    $ 993    (38)%

 

 

(1)

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

 

(2)

Results for the 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. Diluted EPS for the year excluding these items was $2.27. Results for the prior year 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 prior year excluding these items was $1.92. See the discussion of non-GAAP financial measures below.

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