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The Walt Disney Company Reports Fourth Quarter And Full Year Earnings For Fiscal 2012

The Walt Disney Company (NYSE: DIS) today reported earnings for its fiscal year and fourth quarter ended September 29, 2012. Diluted earnings per share (EPS) for the year increased 24% to $3.13 from $2.52 in the prior year. For the quarter, diluted EPS was $0.68 compared to $0.58 in the prior-year quarter. Excluding certain items affecting comparability as detailed below, EPS for the year increased 21% to $3.07 from $2.54 in the prior year and EPS for the quarter increased 15% to $0.68 from $0.59 in the prior-year quarter.

“Fiscal 2012 was a great year creatively, financially and strategically, resulting in record revenue, net income, and earnings per share,” said Disney Chairman and CEO Robert A. Iger. “The addition of Lucasfilm will further fuel Disney’s creative engine across our company to create additional value for our shareholders and we’re confident the Company is well positioned to continue our strong performance and growth.”

The following table summarizes the fourth quarter and full year results for fiscal 2012 and 2011 (in millions, except per share amounts):
  Year Ended         Quarter Ended  
Sept. 29,

  Oct. 1,

Change Sept. 29,

  Oct. 1,

Revenues $ 42,278 $ 40,893 3   % $ 10,782 $ 10,425 3 %
Segment operating income (1) $ 9,964 $ 8,825 13 % $ 2,339 $ 2,113 11 %
Net income (2) $ 5,682 $ 4,807 18 % $ 1,244 $ 1,087 14 %
Diluted EPS (2) $ 3.13 $ 2.52 24 % $ 0.68 $ 0.58 17 %
Cash provided by operations $ 7,966 $ 6,994 14 % $ 1,535 $ 2,104 (27 ) %
Free cash flow (1) $ 4,182 $ 3,435 22 % $ 602 $ 1,106 (46 ) %

(1) Aggregate segment operating income and free cash flow are non-GAAP financial measures. See the discussion of non-GAAP financial measures below.

(2) Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of noncontrolling (minority) interests.

EPS for the current year includes a $184 million non-cash gain recorded in connection with the acquisition of a controlling interest in UTV Software Communication Limited (UTV) and a $79 million recovery of a receivable from Lehman Brothers (Lehman) that was written off in 2008 as a result of the Lehman bankruptcy, partially offset by $100 million of restructuring and impairment charges and a $24 million net charge related to the refinancing of Disneyland Paris borrowings (DLP debt charge). These items benefitted EPS by $0.06. The UTV gain, the Lehman recovery and the DLP debt charge were recorded in “Other income/(expense), net” in the Consolidated Statement of Income. EPS for the prior year included $75 million of gains from the sales of Miramax and BASS and $55 million of restructuring and impairment charges. These items had a negative impact on EPS of $0.02.

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