Disney income up 24%
August 8, 2012
Overall revenue rose 4 per cent to $11.1 billion, operating income grew 18 per cent to $3.2 billion and net income was up 24 per cent to $1.8 billion in the period. Almost all of that growth was driven by its movie studio, which reported a six-fold increase in operating income to $313 million while revenue remained flat at $1.6 billion.
At its cable networks, including ESPN, revenue rose 3 per cent to $3.6 billion but segment operating income was up just 1 per cent to $1.9 billion. At its networks division — including the ABC broadcast network and its owned and operated television stations –revenue increased 3 per cent and segment operating income rose 7 per cent to $268 million.
Disney said strong revenue gains at its Disney Channels were offset by a decline at ESPN, driven by lower recognition of deferred affiliate fees related to annual programming commitments.