Disney earnings flat in Q1
Despite the global economic downturn, The Walt Disney Company’s balance sheet remained healthy in the first quarter of fiscal 2010, due primarily to strong performance in its television and interactive divisions and the cost-cutting measures of the film studio and domestic home entertainment units.
In the three months to January 2, revenues for the group totalled $9.7bn, up slightly on the $9.6bn achieved in the prior-year period. Net income totalled $844m, compared to $845m in the first quarter of 2009.
Revenue in Disney’s parks and resorts division remained essentially flat at $2.7bn, as a drop in the number of visitors to Disneyland Paris was offset by an increase in domestic operations. The current quarter also included restructuring and impairment charges and a gain on the sale of an investment in a television service in Europe
"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 president and CEO Robert Iger. "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."