Disney CFO says balance sheet, debt level OK
Aug 7
LOS ANGELES (Reuters) -- The Walt Disney Co.'s <DIS.N> balance sheet is improving, and the company is confident about its current liquidity and debt level, Chief Financial Officer Tom Staggs said on Wednesday.
Staggs made his remarks less than a week after the company warned of weak performance by its important theme parks division in the current quarter, prompting credit rating agencies Standard & Poors and Moody's Investors Service to warn they may downgrade Disney's debt.
"We've got great liquidity," Staggs told Reuters in a phone interview. He added that since Dec. 31, Disney has paid down $1.8 billion in debt, bringing its current indebtedness to $13.1 billion.
"Obviously it's a balance sheet that's been improving," he said. "It'll continue to improve. I don't have any concerns with regards to our debt levels or liquidity."
"At the end of the day, as you (go) through the list of things that seem to be plaguing companies today, liquidity concerns -- I don't have any. Overall debt burden -- ours is comfortable. ... The accounting issues -- I don't have them."
08/07/02 17:34 ET
Aug 7
LOS ANGELES (Reuters) -- The Walt Disney Co.'s <DIS.N> balance sheet is improving, and the company is confident about its current liquidity and debt level, Chief Financial Officer Tom Staggs said on Wednesday.
Staggs made his remarks less than a week after the company warned of weak performance by its important theme parks division in the current quarter, prompting credit rating agencies Standard & Poors and Moody's Investors Service to warn they may downgrade Disney's debt.
"We've got great liquidity," Staggs told Reuters in a phone interview. He added that since Dec. 31, Disney has paid down $1.8 billion in debt, bringing its current indebtedness to $13.1 billion.
"Obviously it's a balance sheet that's been improving," he said. "It'll continue to improve. I don't have any concerns with regards to our debt levels or liquidity."
"At the end of the day, as you (go) through the list of things that seem to be plaguing companies today, liquidity concerns -- I don't have any. Overall debt burden -- ours is comfortable. ... The accounting issues -- I don't have them."
08/07/02 17:34 ET
