Disney Profit Up 32 Percent

BURBANK: For its second fiscal quarter, The Walt Disney Company reported net income of $1.51 billion, up 32 percent on the same quarter last year, led by the strong performance of its media networks, movie studio and theme parks.

Revenue rose 10 percent to $10.55 billion for the period ending March 30, 2013. The Media Networks group had an operating income of $1.9 billion, up 8 percent. Revenue rose 6 percent to $5 billion. The cable networks saw a 15-percent increase in operating income, to $1.7 billion, with revenues that were up 9 percent, to $3.5 billion. However, the broadcast segment took a bit of a hit. Operating income fell 40 percent, to $138 million, primarily due to high prime-time programming costs and a dip in ad revenue at ABC. Revenue for broadcasting was down 2 percent, to $1.5 billion.

The company’s Studio Entertainment group had a strong quarter, with revenue up 13 percent to $1.3 billion and operating income increasing by $202 million, to $118 million. This was helped by the strong theatrical performance of Oz the Great and Powerful and Wreck-it Ralph.

Another bright spot was the Parks and Resorts segment. Operating income was up 73 percent from last year, to $383 million, and revenues were up 14 percent to $3.3 billion. Consumer Products revenues gained 12 percent to $763 million, with a segment operating income of $200 million, a 35-percent increase. The Interactive division posted an operating loss of $54 million, which was a slight improvement on the year-ago figures, which showed a loss of $70 million. Revenue was up 8 percent to $194 million.

“With adjusted earnings per share up 36 percent over last year, we’re obviously pleased with our second quarter,” said Robert A. Iger, the chairman and CEO of The Walt Disney Company. “Our results reflect our successful strategy, the strength of our brands and the value of our high-quality creative content, all of which continue to drive long-term growth and shareholder value.”