Disney Fiscal Q3 Revenue Up Despite 'Lone Ranger' Flop
August 7, 2013 at 4:27 AM (PT)
THE WALT DISNEY COMPANY fiscal third quarter revenues rose 4% to $11.578 billion, with net income up 1% to $1.847 billion ($1.01/diluted share). The media networks division saw revenues rise 5% to $5.352 billion, with broadcasting effectively flat at $1.468 billion.
While the results exceeded analysts' projections, the headline news surrounding the release was the suggestion on the analysts' conference call that the company may need to take a $160-190 million write-down for the movie "DISNEY'S THE LONE RANGER," a notable box office flop. The company does not break out radio revenues and income from its ESPN AUDIO and RADIO DISNEY operations.
"We are pleased with the results we delivered in the third quarter," said Chairman/CEO BOB IGER."We are confident that our strategy of creating high-quality branded content positions us well for the future."