Theme Park revenue increase not all it seems...

[HauntedPirate]

http://www.orlandosentinel.com/business/orl-bizdisneycon12081204aug12,1,4397945.story

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Quite interesting how the suits in Anaheim talk up the 32% in theme park revenue, but yet, it was only 13%, when you see what they did with the accounting.

This has me worried, folks. It is becoming more and more evident with each passing day that there needs to be an upheaval in upper management, and the sooner the better. Every quarter under Eisner is one more quarter that will need to be "fixed". It has to stop, and soon. If it's not, memories is all we may have left.

 

[DisneyFan 2000]

Could you post the article?

 

[ogryn]

Basically, after the ENRON stuff, Disney have had to change their way of accounting. Much of their profits came from Consolidation of EuroDisney and HongKong Disney into the books.

Take revenue, for example, for the parks and resort division. The division includes Orlando's theme parks as well as overseas operations, in which Disney is a minority owner. Revenue in the quarter increased by $557 million, or 32 percent. But $332 million of the increase was solely due to consolidation of Euro Disney and Hong Kong Disneyland. Without the consolidation, revenue went up 13 percent, roughly the same as during the second quarter.

Some 22 percent, or $15 million, of the division's $69 million in extra operating profit came from consolidation. Backing out consolidation, the division's operating profit rose 15 percent, rather than the 20 percent reported.