Disney Revenues, Income Rise In Fiscal Q3

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THE WALT DISNEY COMPANY overall revenues rose 7% to $10.675 billion in third fiscal quarter 2011, with net income up 11% to $1.476 billion (77 cents/diluted share).  Free cash flow fell 20% to $1.106 billion.

The media networks division, which includes the company's radio holdings (ESPN RADIO, ESPN DEPORTES RADIO and RADIO DISNEY and their owned-and-operated stations), saw revenues rise 5% to $4.949 billion, with segment operating income up 11% to $2.094 billion.  Broadcasting revenue fell 1% to $1.433 billion, with operating income up 10% to $1.844 billion, credited to lower programming and production costs (due to use of more reality TV shows) and higher advertising revenue at the ABC-TV network, partially offset by a decrease in the cost charged to ESPN for programming aired on ABC-TV and lower ad revenue at the owned-and-operating television stations.  Radio results are not reported separately.

"Our third quarter demonstrates the continued strength of our Media Networks, including ESPN, Parks and Resorts and Consumer Products," said Pres./CEO BOB IGER.  "In these turbulent times, our company and its array of strong brands are well-positioned to deliver long-term shareholder value."

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