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Disney reports earnings up at parks and resorts
The Walt Disney Company reported lower revenues and profits for the fourth quarter and fiscal year ending 1 October, but its theme parks and resorts were up on the upswing.
Revenues from the Parks and Resorts division of the company increased 16% to $9 billion, the company reported.
Segment operating income went up from $1.1 billion to $1.2 billion.
The Walt Disney Company reported advertising gains for the quarter at its ABC and ESPN networks, but the profits were not enough to offset sharp losses in the film division. They suffered from a string of underperformers as well as declining DVD sales, according to wire reports.
Disney said last week that net income in the fourth quarter declined 27 percent, to $379 million or 19 cents a share, from $516 million, or 25 cents, in the period a year earlier.
Robert Iger, president and CEO of The Walt Disney Company, said:
“We are pleased to report another year of strong double-digit growth in earnings per share, providing further evidence that our strategy to achieve growth through great creative content, global expansion and the application of new technology is working.”
The company generated $4.3 billion in cash flow from operations in fiscal 2005, compared to $4.4 billion in fiscal 2004.
The decrease was primarily due to an increase in investments in parks, resorts and other properties, according to Disney. Hong Kong Disneyland saw an increase of $340 million in spending.
Much of the income decline was also attributed to a $313 million loss in operating income in the filmed entertainment division, which had several box-office disappointments, including Dark Water.
”But ABC and ESPN continue to be bright spots as both divisions reported increases based on higher advertising revenues,” said wire service reports.
Operating income at the overall Broadcasting division increased from $245 million to $464 million for the year.
Report by David Wilkening
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