Movies Brighten Disney 4th Quarter Report

The fourth quarter was not so kind to the Walt Disney Co., where TV network troubles and declining attendance at theme parks dragged profits down 7 percent to $835 million.

The results showed revenue was down 1 percent to $9.7 billion.

The company’s movie division was bolstered by the strong performance of Toy Story 3, which offset weaker performances from Prince of Persia: The Sands of Time and The Sorcerer’s Apprentice. Revenues were up 9 percent at the movie studio, with revenues increasing 6 percent to $1.6 billion for a $104 million profit.

The earnings release was marred slightly by the company accidentally releasing the report before markets closed for the day, sending the company’s shares down. Disney stocked closed down 2.9 percent for the day $35.93 a share.

Related posts: