Disney Posts Q1 Results

February 10, 2010 World Screen

BURBANK: The Walt Disney Company has reported a first-quarter profit of $844 million on revenues of $9.7 billion, a slight increase on the year-ago period, led by the performance of its media networks business.

“We are pleased with our first-quarter results and are excited about our creative pipeline, from upcoming movies like Alice in Wonderland and Toy Story 3 to new attractions at our Parks and Resorts,” said Robert A. Iger, the president and CEO of The Walt Disney Company. “Our unique ability to deliver outstanding experiences to consumers across platforms, markets and businesses gives us a strong competitive advantage and positions us well for long-term growth.”

The media networks reported a 7-percent revenue increase to $4.2 billion, with operating income gaining 11 percent to $724 million. The cable networks delivered an 8-percent bump in revenues to $2.6 billion, with an operating income that increased by 5 percent to $544 million. This was led by increases at the worldwide Disney Channels and at ESPN. Broadcasting, meanwhile, reported revenues of $1.5 billion and an operating income of $180 million—30 percent higher than the year-ago results.

Studio entertainment revenues were down slightly to $1.9 billion, while operating income was up by 30 percent to $243 million.

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Consumer products did not fare as well, with revenues down 3 percent to $746 million and operating income down 8 percent to $243 million.

At the parks and resorts segment, revenues were flat at $2.7 billion, while operating income slipped 2 percent to $375 million.

Interactive media revenues fell 29 percent to $221 million, but the division narrowed its loss from the year-ago $45 million to $10 million.