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- Sep 26, 2000
Disney net off 12%, but hits target
By Russ Britt, CBS.MarketWatch.com
Last Update: 4:27 PM ET May 1, 2003
BURBANK, Calif. (CBS.MW) -- External troubles affecting Walt Disney Co.'s theme parks helped bring net income down 12 percent for the second quarter, the company said Thursday, but it did meet analyst forecasts.
The company reported net income of $229 million, or 11 cents a share, for the second quarter ended March 31, off 12 percent when compared with $259 million, or 13 cents a share, for the same period in 2002. Per share income was off 15 percent but in line with analysts' expectations.
Revenue was up, though, to $6.3 billion vs. last year's $5.9 billion, and slightly exceeded forecasts.
Disney (DIS: news, chart, profile) said operating income at its parks and resorts fell by 45 percent, from $280 million last year to $155 million, while revenue slipped 3 percent, from $1.53 billion in 2002 to $1.49 billion.
"The military conflict in Iraq and fear of terrorism have clearly had a near-term impact on a number of our businesses," Michael Eisner, chairman and chief executive, said in a statement. Eisner added the effects were beyond the company's control and that strategies are in place to capitalize on improving economic conditions.
Disney shares managed a slight increase after starting the session down Thursday. The stock closed up 6 cents to $18.72. But in after hours trading, Disney shares were off 23 cents to $18.49.
By Russ Britt, CBS.MarketWatch.com
Last Update: 4:27 PM ET May 1, 2003
BURBANK, Calif. (CBS.MW) -- External troubles affecting Walt Disney Co.'s theme parks helped bring net income down 12 percent for the second quarter, the company said Thursday, but it did meet analyst forecasts.
The company reported net income of $229 million, or 11 cents a share, for the second quarter ended March 31, off 12 percent when compared with $259 million, or 13 cents a share, for the same period in 2002. Per share income was off 15 percent but in line with analysts' expectations.
Revenue was up, though, to $6.3 billion vs. last year's $5.9 billion, and slightly exceeded forecasts.
Disney (DIS: news, chart, profile) said operating income at its parks and resorts fell by 45 percent, from $280 million last year to $155 million, while revenue slipped 3 percent, from $1.53 billion in 2002 to $1.49 billion.
"The military conflict in Iraq and fear of terrorism have clearly had a near-term impact on a number of our businesses," Michael Eisner, chairman and chief executive, said in a statement. Eisner added the effects were beyond the company's control and that strategies are in place to capitalize on improving economic conditions.
Disney shares managed a slight increase after starting the session down Thursday. The stock closed up 6 cents to $18.72. But in after hours trading, Disney shares were off 23 cents to $18.49.
