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| 9/9/02 9:44:00 AM ET |
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Disney 3rd-quarter net income falls
Reuters, 08.01.02, 4:07 PM ET
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BURBANK, Calif. (Reuters) - Entertainment giant Walt
Disney Co. Thursday reported a sharp drop in its
quarterly net income due to weaker results from its movie
business and struggling ABC television network.
Burbank, California-based Disney reported net income of
$364 million, or 18 cents per share, for its third fiscal
quarter ended June 30, compared with $527 million, or 25 cents
per share, a year earlier, adjusted for accounting changes.
Quarterly revenue fell 3 percent to $5.8 billion from the
year-ago quarter.
Disney reported pro forma income of $343 million, or 17
cents a share, compared with $610 million, or 29 cents a share,
a year earlier. That number was in line with the average
Thomson First Call analysts' estimate of 17 cents per share,
with estimates ranging from 12 cents to 19 cents. The average
revenue forecast was $5.9 billion.
The earnings decline came as Disney embarked on a campaign
to rebuild ratings at its struggling ABC network, which has
fallen on hard times due to a lack of hit shows. The company's
movie division also has failed to score a major non-animated
hit in the first part of the important summer movie season.
Copyright 2002, Reuters News Service
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