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Disney earnings decline

The Walt Disney Co. has reported its earnings for the third quarter, andthe nine months ended June 30, 1999. Net income for the fiscal thirdquarter ended in June fell to $367 million from last year's $415 million.The figure includes a pretax loss of $87 million from the November purchaseof a 43% interest in Internet search engine Infoseek Corp. Net income forthe nine month period ended June 30, 1999 fell to $1.215 billion from lastyear's $1.554 billion. "While we are not satisfied with our currentoperating trends, we firmly believe in the long-term strength and growthpotential of the company's brands and franchises," said Michael Eisner,chairman and chief executive officer. "Our reorganization strategy isfocused on ways to leverage marketing and sales efforts, streamlineoperations, develop new markets and reposition distribution channels,including our Internet sites, cable and television networks, and our DisneyStores. I am confident that, when completed, our operating units will be ina better position to capitalize on our brand strength and generatelong-term growth."

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