(From Sports Business Daily)
THE WALT DISNEY COMPANY "exceeded analysts' recession-clouded projections Tuesday, reporting a 9% increase in revenue fueled by THE DISNEY CHANNEL'S popular HANNAH MONTANA and HIGH SCHOOL MUSICAL franchises," according to DAWN CHMIELEWSKI of THE LOS ANGELES TIMES.
Disney reported a first quarter net income of $1.25 billion, or $.63 a share, for the quarter that ended December 29th, compared with $1.7 billion, or $.79, a year earlier.
That represents a drop of 27%, "reflecting one-time gains in the year-earlier quarter from the sale of Disney's stake in E! ENTERTAINMENT and US WEEKLY MAGAZINE."
Disney's cable networks "clearly buoyed" the company's results.
Operating income rose to $586 million for the quarter, up $125 million from the year-ago period.
ESPN has "long been a standout for Disney, but its double-digit growth in ad revenue was offset by increased sports rights and programming costs."
Revenue rose 9%, to $10.45 billion, "led by gains in advertising revenue at ABC and ESPN."
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1 comment:
Cool! Now I'll ask for a 9% raise!
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