Disney Sees Increased Q3 Revenues, Income
August 11, 2010 at 4:28 AM (PT)
THE WALT DISNEY CO. saw overall revenues rise 16% year-to-year to $10.002 billion for third fiscal quarter, with net income jumping 40% to $1.331 billion (67 cents/diluted share). The company's growth was driven by increases at the Media Networks and Studio Entertainment divisions, with previously deferred revenue from ESPN adding to the total. Revenues for the Media Networks division, which includes but does not break out revenue from the company's radio properties, ESPN RADIO and RADIO DISNEY, rose 19% to $4.729 billion, with broadcasting, primarily involving the company's broadcast TV stations and ABC television network, up 4% to $209 million.
"We're very pleased with our strong third quarter, in which we grew revenues substantially and improved profitability across the majority of our businesses," said President and CEO BOB IGER. "Our performance underscores the value of sticking to a smart strategy even in tough times, of investing in the right people, and of focusing relentlessly on quality and innovation to drive growth in shareholder value."