DISNEY NET UP 60 PERCENT IN 4TH QUARTER
BURBANK, Calif. — Walt Disney Co., parent of Fairchild Publications, reported strong operating results for the fourth fiscal quarter and year ended Sept. 30.
Adjusted for the acquisition of Capital Cities/ABC last February, Disney reported operating income for the quarter up 27 percent to $858 million and net income up 60 percent to $354 million, or 52 cents a share. Revenues were up 12 percent to $5.3 billion.
For the full year, operating income was up 7 percent to $3.7 billion and net income was up 16 percent to $1.5 billion, or $2.23 a share. Revenues were ahead 12 percent to $21.2 billion.
The adjustments reflect operating results as though both companies were merged throughout the latest and year-earlier periods.
On an unadjusted basis, the company reported net income for the quarter up 27 percent to $336 million, but earnings per share were down 2 percent to 49 cents. Wall Street had been expecting 48 cents.
For the year, unadjusted net income before non-recurring charges rose 11 percent to $1.5 billion, but earnings per share were down 5 percent to $2.48. After a $300 million accounting charge and a $225 million charge for acquisition costs, the reported net income was reduced to $1.2 billion, or $1.96 a share.
Disney stock, traded on the New York Stock Exchange, gained 2 3/4 Tuesday to finish at 76 1/4.
Michael S. Ovitz, Disney president, said in a statement that the performance of the Disney theme parks highlighted “a very successful 12 months.”