Disney reports 12 percent rise in profits
Company credits strong performance by ABC, other TV networks for good second quarter
Scott Powers | Sentinel Staff Writer
Posted May 9, 2006, 4:42 PM EDT
Bolstered by another strong performance by ABC and other TV networks, the Walt Disney Co. posted a 12 percent climb in profits for the second quarter of its fiscal year, topping the 7 percent profit growth the company posted for the first quarter.
In its second-quarter report filed Tuesday with the U.S. Securities and Exchange Commission, Disney reported diluted earnings of 37 cents a share, a 19 percent increase over the 31 cents paid during the 2nd quarter last year.
Disney's net income was $733 million for the quarter ending April 1, up from $657 million for the quarter that ended April 1, 2005.
In a news release, Disney President Bob Iger promised that the strategic initiatives Disney pursued during the quarter, such as new deals to download television programming into computers, phones and personal music players, promise "future creative success."
Disney's broadcast and TV cable network division led the way during the second quarter with a 7 percent increase in revenue. Those two divisions were weighed down, however, by a bad quarter for the company's studio division, which saw a 22 percent decrease in revenue, and by the merchandise division, which saw a 3 percent drop.
Company credits strong performance by ABC, other TV networks for good second quarter
Scott Powers | Sentinel Staff Writer
Posted May 9, 2006, 4:42 PM EDT
Bolstered by another strong performance by ABC and other TV networks, the Walt Disney Co. posted a 12 percent climb in profits for the second quarter of its fiscal year, topping the 7 percent profit growth the company posted for the first quarter.
In its second-quarter report filed Tuesday with the U.S. Securities and Exchange Commission, Disney reported diluted earnings of 37 cents a share, a 19 percent increase over the 31 cents paid during the 2nd quarter last year.
Disney's net income was $733 million for the quarter ending April 1, up from $657 million for the quarter that ended April 1, 2005.
In a news release, Disney President Bob Iger promised that the strategic initiatives Disney pursued during the quarter, such as new deals to download television programming into computers, phones and personal music players, promise "future creative success."
Disney's broadcast and TV cable network division led the way during the second quarter with a 7 percent increase in revenue. Those two divisions were weighed down, however, by a bad quarter for the company's studio division, which saw a 22 percent decrease in revenue, and by the merchandise division, which saw a 3 percent drop.
