Disney Q1 Rises 54%
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Jan. 1, 2011 Jan. 2, 2010 Change
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Cash provided by operations $ 1,119 $ 915 $ 204
Investments in parks, resorts and (1,213 ) (307 ) (906 )
other property
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Free cash flow (1) $ (94 ) $ 608 $ (702 )
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(1) Free cash flow is not a financial measure defined by GAAP. See the discussion of non-GAAP financial measures that follows below.
The increase in cash provided by operations was primarily due to higher operating cash receipts driven by the timing of receivable collections at our Media Networks and Consumer Products businesses and higher revenues at Parks and Resorts, partially offset by higher cash payments at Corporate and our Media Networks, Parks and Resorts and Consumer Products businesses. The increase in cash payments at Corporate and our Media Networks businesses was driven by the timing of accounts payable disbursements. The increase in cash payments at Parks and Resorts was driven by higher volumes, while the increase in cash payments at Consumer Products was driven by the operations of the Disney Store Japan and Marvel which were acquired subsequent to the prior-year quarter.
The increase in capital expenditures was primarily due to the final payment on our new cruise ship, the Disney Dream.
Capital Expenditures and Depreciation Expense
Investments in parks, resorts and other property by segment were as follows (in millions):
Quarter Ended
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