Disney reports strong fourth-quarter earnings

[daveypoo]

From the Orlando Sentinel

Scott Powers | Sentinel Staff Writer
5:35 PM EST, November 8, 2007


Walt Disney Co. reported another strong quarter leading to another fiscal year of big profits this afternoon, with an annual sales increase of 5 percent and profit increase of 23 percent over 2006.

The company reported $8.9 billion in revenue for the fourth quarter that ended Sept. 29, compared with $8.7 billion last year. That gave Disney $35.5 billion in sales for the year, up from $33.7 billion in fiscal year 2006.

The company's total operating profit was $7.8 billion in fiscal 2007, up from $6.4 billion last year.


That allowed it to report diluted earnings for the fourth quarter of 44 cents per share, up from 36 cents for the fourth quarter last year. That bolstered the fiscal year's performance to $2.25 per share, up from $1.64 last year.

"We've delivered another year of outstanding financial results, powered by across-the-board creative strength," Robert A. Iger, president and chief executive officer, stated in a news release.

Disney's Parks and Resorts, Consumer Products and Broadcast Networks divisions all posted increased sales for the quarter and identical 7 percent increases in sales for the year, and each showed operating profits increased. The Studio Entertainment segment saw a 65 increase in profits for the year, even though lower sales in the fourth quarter led to a 1 percent overall decrease in sales for the year for the division.

Parks and Resorts' revenues for the year were $10.6 billion and the division's operating profit increased 11 percent to $1.7 billion. For the quarter, revenues increased 10 percent to $2.8 billion and segment's operating profit increased 9 percent to $430 million.

Disney credited the Parks and Resorts profit growth for both the year and quarter to increases at Walt Disney World, Disneyland Resort Paris and Disneyland Resort, partially offset by lower performance at Hong Kong Disneyland Resort.

Walt Disney World's strong numbers were credited to increased guest spending and theme park attendance, partially offset by higher operating costs. Increased guest spending was due to increased food, beverage and merchandise spending, higher average ticket prices and higher average daily room rates.

Higher operating costs were driven by volume-related costs, labor cost inflation and new guest offerings, partially offset by lower pension and post retirement medical expense.
_________________
When you're curious, you find lots of interesting things to do.
--Walt Disney

[GrumpyDaddy]

Sounds like they are having a great year.


Chorros are on the house!!!

[onecutemoose]

Yay! More improvements in the Parks!!!

: )