Disney Reports Sharply Higher 1st-Quarter Earnings

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, February 11th, 2004
The Walt Disney Co. reported sharply higher first-quarter earnings today, prompting company Chairman and CEO Michael Eisner to express confidence that Disney will achieve 30 percent earnings growth this year.

The company -- reporting first-quarter revenues of $8.549 billion, compared to $7.170 billion during last year's first quarter -- said in a statement that it had achieved earnings growth in all its operating segments.

Diluted earnings per share for the first fiscal quarter ended Dec. 31 were 33 cents, up from 5 cents during last year's first quarter before the cumulative effect of an accounting change.

"The tremendous results of our first quarter dramatically demonstrate the fundamental value and potential of this company...," Eisner said.

Eisner said there was growth in all the company's business segments.

"Clearly, these great results increase our confidence that we will deliver earnings growth from our continuing operations of more than 30 percent in 2004," he said.

"Given the strength of our brands and other assets and the strategies we have in place, as we look out several years beyond 2004, we are targeting double digit compound growth in our earnings through at least 2007."

NOTE: The Walt Disney Company is the parent company of KABC-TV.