Disney Ends Fiscal 2010 With Weak Q4

Revenues Off 7%

THE WALT DISNEY CO. saw overall revenues fall 1% year-to-year to $9.742 billion in fiscal fourth quarter 2010, resulting in a 7% drop in net income to $835 million (43 cents/diluted share).  The quarter, weaker than analysts expected, closed an otherwise strong year for the company, and was impacted by a shift in timing of recognition of previously deferred revenues at ESPN.

The company does not break out results for its radio operations, ESPN RADIO and RADIO DISNEY.  Revenue at its Media Networks division, which includes radio, television, and cable, fell 7% to $4.414 billion, with broadcasting off 7% to $1.285 billion and cable falling 6% to $3.129 billion.

Release of the figures was scheduled to occur after the close of trading THURSDAY, but the release accidentally leaked at 3:29p (ET) and hit the wires at 3:44p, leading to a sharp drop in the company's sale price.  SVP/Investor Relations LOWELL SINGER told analysts on the post-release conference call that the company is investigating the leak.

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