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Disney First Quarter Earnings Up

The Walt Disney Company reported first quarter (ending Dec. 31, 2011) revenue was up one percent over the same period last year to $10.8 billion, while net income increased 12 percent to $1.4 billion."We’re off to a good start in this fiscal ye

"We’re off to a good start in this fiscal year executing on our ongoing strategy, deriving greater value from our brands Disney, Pixar, Marvel, ESPN and ABC in the U.S. and around the globe,” says Robert Iger, president and chief executive officer, Disney. "We are confident that our commitment to creating and providing exceptional family entertainment on multiple platforms continues to position us to deliver long-term shareholder value."

Disney reported earnings per share for the quarter increased 18 percent to 80 cents from 68 cents in the prior year quarter.

The consumer products segment reported operating income of $313 million, which was comparable to the prior year quarter, while revenues increased 3 percent to $948 million.

The company stated that for its retail business: “increased revenue was driven by new stores in North America and holiday season promotions. Retail sales were driven by Cars and Tangled merchandise in the current quarter compared to Toy Story in the prior year quarter. The revenue increase at retail was largely offset by higher operating costs associated with increased volume."

For its merchandise licensing business, the company reported that, “operating income for the quarter was comparable to the prior year quarter as the strength of Cars merchandise was largely offset by lower performance of Toy Story and Tangled merchandise.”

The parks and resorts segment posted the largest increases for the first quarter with a 10 percent increase in revenue and an 18 percent increase in operating income.

The interactive media segment experienced the largest decline for the company with revenue decreasing 20 percent and operating income down 100 percent over the first quarter last year.

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