Disney Revenues Up For Fiscal Q1
February 8, 2007 at 5:45 AM (PT)
The WALT DISNEY CO.'s fiscal first quarter revenues jumped 10% to $9.725 billion, with net income more than doubling to $1.701 billion (79 cents/diluted share) but free cash flow off 18% to $271 million. Income was boosted $1.004 billion by one-time gains from the sale of the company's shares in E! ENTERTAINMENT TELEVISION and US WEEKLY, less a charge for modification of an equity-based compensation plan, but the 2006 fiscal first quarter was boosted by one-time gains of $70 million.
The company's Media Networks division, including radio, saw revenue rise 6% to $3.911 billion, with the broadcasting division up 1% to $1.819 billion.
At the company's conference call, CEO TOM STAGGS said that radio revenues rose 3% for the quarter. DISNEY's radio stations, except for its RADIO DISNEY and ESPN RADIO affiliates, are awaiting spinoff to a company formed by CITADEL with DISNEY shareholders.