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DIS » Topics » THE WALT DISNEY COMPANY REPORTS EARNINGS FOR FISCAL YEAR 2009

This excerpt taken from the DIS 8-K filed Nov 12, 2009.

THE WALT DISNEY COMPANY REPORTS EARNINGS FOR FISCAL YEAR 2009

BURBANK, Calif. – The Walt Disney Company today reported earnings for the fiscal year and fourth quarter ended October 3, 2009. Diluted earnings per share (EPS) for the year was $1.76, compared to $2.28 in the prior year. EPS for the current and prior year include certain items that are discussed below. Excluding these items, EPS for the year was $1.82, down 20% from $2.28 in the prior year.

EPS for the current year included a non-cash gain in connection with the merger of Lifetime Entertainment Services (Lifetime) and A&E Television Networks (A&E), a gain on the sale of our investment in two pay television services in Latin America, and restructuring and impairment charges, which collectively had a net adverse impact of $0.06. EPS for the prior year included an accounting gain related to the acquisition of the Disney Stores North America, a gain on the sale of movies.com, the favorable resolution of certain income tax matters, a bad debt charge for a receivable from Lehman Brothers, and an impairment charge, which collectively had no net impact on EPS.

For the quarter, diluted EPS was $0.47 compared to $0.40 in the prior-year quarter. EPS for the current quarter included the gain related to the Lifetime/A&E transaction and restructuring and impairment charges, which together resulted in a net benefit of $0.01, while EPS for the prior-year quarter included the Lehman Brothers bad debt charge and an impairment charge, which together had a net adverse impact of $0.04. Excluding these items, EPS for the quarter increased 5% to $0.46 compared to $0.44 in the prior-year quarter.

“Although last year was a difficult one due in part to the weak global economy, I’m pleased with the way our businesses have responded to the downturn,” said President and CEO Robert A. Iger. “We’ve stayed focused on our long-term strategy, efficiently managed costs, and continued to invest in initiatives to deliver future growth. We also have adapted our organization to respond to and take advantage of the changes taking place in our businesses and will continue to do so as we position Disney to thrive for years to come.”

 

1

Fiscal 2009 results for the full year and fourth quarter include the benefit from one additional week of operations compared to the prior-year periods due to our fiscal period end. The following table summarizes the full year and fourth quarter results for fiscal 2009 and 2008 (in millions, except per share amounts):

 

      Year Ended         Quarter Ended     
     Oct. 3,
2009		    Sept. 27,
2008		    Change    Oct. 3,
2009		    Sept. 27,
2008		    Change

Revenues

    $ 36,149    $ 37,843    (4)%    $ 9,867    $ 9,445    4%

Segment operating income (1)

    $ 6,672    $ 8,484    (21)%    $ 1,853    $ 1,777    4%

Net income

    $ 3,307    $ 4,427    (25)%    $ 895    $ 760    18%

Diluted EPS (2)

    $ 1.76    $ 2.28    (23)%    $ 0.47    $ 0.40    18%

Cash provided by operations

    $ 5,064    $ 5,446    (7)%    $ 1,738    $ 1,245    40%

Free cash flow (1)

    $ 3,311    $ 3,868    (14)%    $ 1,112    $ 616    81%

 

  (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 year included a non-cash gain in connection with the merger of Lifetime and A&E and a gain on the sale of our investment in two pay television services in Latin America, which are reported in “Other Income” in the consolidated statement of income, and restructuring and impairment charges. Collectively, these items had a $0.06 net adverse impact on EPS. Excluding these items, EPS for the year was $1.82. Results for the prior year included an accounting gain related to the acquisition of the Disney Stores North America, a gain on the sale of movies.com and a bad debt charge for a receivable from Lehman Brothers, all of which were recorded in “Other Income”, the favorable resolution of certain income tax matters, and an impairment charge. In aggregate, these items did not have a net impact on prior-year EPS.

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