Disney Revenues, Income Rise In Fiscal Q3
August 10, 2011 at 4:51 AM (PT)
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."