Disney Q1 Rises 54%
Press Release from The Walt Disney Company
The Walt Disney Company (NYSE: DIS) today reported earnings for its first fiscal quarter ended January 1, 2011. Diluted earnings per share (EPS) for the quarter were $0.68 compared to $0.44 in the prior-year quarter driven by growth at Media Networks, Studio Entertainment, Parks and Resorts and Consumer Products.
"We had an excellent first quarter, driven by strong creative content and our unique ability to leverage great entertainment across the many platforms, businesses and markets in which we operate," said Robert A. Iger, President and CEO. "With net income up 54%, it's a great start to a new fiscal year."
The following table summarizes the first quarter results for fiscal 2011 and 2010 (in millions, except per share amounts):
Quarter Ended
------------------------
Jan. 1, Jan. 2, Change
2011 2010
---------- ------- ----
Revenues $ 10,716 $ 9,739 10 %
Segment operating income (1) $ 2,208 $ 1,575 40 %
Net income (2) $ 1,302 $ 844 54 %
Diluted EPS (2) $ 0.68 $ 0.44 55 %
Cash provided by operations $ 1,119 $ 915 22 %
Free cash flow (1) $ (94 ) $ 608 nm
(1) Aggregate segment operating income and free cash flow are non-GAAP financial measures. See the discussion of non-GAAP financial measures below.
(2) Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of noncontrolling (minority) interests
EPS for the current quarter included $75 million of gains on sales of businesses, primarily Miramax, which are reported in Other Income in the Consolidated Statement of Income, and $12 million of restructuring and impairment charges. As discussed below, the tax effect of these items essentially offset the pretax benefit of $63 million and as a result, these items collectively had no impact on EPS. The prior-year quarter included restructuring and impairment charges and a gain on the sale of an investment in a television service in Europe, which together had a net adverse impact of $0.03 on EPS. Excluding these items, EPS for the quarter increased 45% to $0.68 compared to $0.47 in the prior-year quarter.
SEGMENT RESULTS
The following table summarizes first quarter segment operating results for fiscal 2011 and 2010 (in millions).
The Walt Disney Company (NYSE: DIS) today reported earnings for its first fiscal quarter ended January 1, 2011. Diluted earnings per share (EPS) for the quarter were $0.68 compared to $0.44 in the prior-year quarter driven by growth at Media Networks, Studio Entertainment, Parks and Resorts and Consumer Products.
"We had an excellent first quarter, driven by strong creative content and our unique ability to leverage great entertainment across the many platforms, businesses and markets in which we operate," said Robert A. Iger, President and CEO. "With net income up 54%, it's a great start to a new fiscal year."
The following table summarizes the first quarter results for fiscal 2011 and 2010 (in millions, except per share amounts):
Quarter Ended
------------------------
Jan. 1, Jan. 2, Change
2011 2010
---------- ------- ----
Revenues $ 10,716 $ 9,739 10 %
Segment operating income (1) $ 2,208 $ 1,575 40 %
Net income (2) $ 1,302 $ 844 54 %
Diluted EPS (2) $ 0.68 $ 0.44 55 %
Cash provided by operations $ 1,119 $ 915 22 %
Free cash flow (1) $ (94 ) $ 608 nm
(1) Aggregate segment operating income and free cash flow are non-GAAP financial measures. See the discussion of non-GAAP financial measures below.
(2) Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of noncontrolling (minority) interests
EPS for the current quarter included $75 million of gains on sales of businesses, primarily Miramax, which are reported in Other Income in the Consolidated Statement of Income, and $12 million of restructuring and impairment charges. As discussed below, the tax effect of these items essentially offset the pretax benefit of $63 million and as a result, these items collectively had no impact on EPS. The prior-year quarter included restructuring and impairment charges and a gain on the sale of an investment in a television service in Europe, which together had a net adverse impact of $0.03 on EPS. Excluding these items, EPS for the quarter increased 45% to $0.68 compared to $0.47 in the prior-year quarter.
SEGMENT RESULTS
The following table summarizes first quarter segment operating results for fiscal 2011 and 2010 (in millions).
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