Disney Income Falls But Beats Street; Revenues Up

M. Mouse

THE WALT DISNEY CO.'s third quarter net income fell 26% to $379 million (19 cents/share), blamed on the taking of various accounting charges and the expensing of stock options as well as a loss at the company's movie studio, but beating WALL STREET estimates. Revenue, on the other hand, rose from $7.543 billion to $7.734 billion but fell short of analysts' projections. The company's broadcasting division, including TV and radio, showed an operating income jump from a loss of $75 million last year to a gain of $48 million this year, credited to improved performance at the ABC TV network.

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