Disney earnings decline

The Walt Disney Co. has reported its earnings for the third quarter, and
the nine months ended June 30, 1999. Net income for the fiscal third
quarter 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 purchase
of a 43% interest in Internet search engine Infoseek Corp. Net income for
the nine month period ended June 30, 1999 fell to $1.215 billion from last
year's $1.554 billion. "While we are not satisfied with our current
operating trends, we firmly believe in the long-term strength and growth
potential of the company's brands and franchises," said Michael Eisner,
chairman and chief executive officer. "Our reorganization strategy is
focused on ways to leverage marketing and sales efforts, streamline
operations, develop new markets and reposition distribution channels,
including our Internet sites, cable and television networks, and our Disney
Stores. I am confident that, when completed, our operating units will be in
a better position to capitalize on our brand strength and generate
long-term growth."