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TheStreet Open House

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

Stocks in this article: DIS

EPS for the current quarter includes the Lehman recovery ($79 million), restructuring and impairment charges ($49 million) and the DLP debt charge ($24 million). Collectively, these items had no net impact on EPS. EPS for the prior-year quarter included restructuring and impairment charges of $9 million which had a negative impact on EPS of $0.01.

SEGMENT RESULTS

The following table summarizes the full year and fourth quarter segment operating results for fiscal 2012 and 2011 (in millions):

  Year Ended       Quarter Ended  

Sept. 29,2012

 

Oct. 1,2011

Change

Sept. 29,2012

 

Oct. 1,2011

Change
Revenues:
Media Networks $ 19,436 $ 18,714 4 % $ 4,881 $ 4,798 2 %
Parks and Resorts 12,920 11,797 10 % 3,425 3,129 9 %
Studio Entertainment 5,825 6,351 (8 ) % 1,402 1,459 (4 ) %
Consumer Products 3,252 3,049 7 % 883 816 8 %
Interactive   845     982   (14 ) %   191     223   (14 ) %
$ 42,278   $ 40,893   3 % $ 10,782   $ 10,425   3 %
Segment operating income (loss):
Media Networks $ 6,619 $ 6,146 8 % $ 1,571 $ 1,462 7 %
Parks and Resorts 1,902 1,553 22 % 497 421 18 %
Studio Entertainment 722 618 17 % 80 117 (32 ) %
Consumer Products 937 816 15 % 267 207 29 %
Interactive   (216 )   (308 ) 30 %   (76 )   (94 ) 19 %
$ 9,964   $ 8,825   13 % $ 2,339   $ 2,113   11 %

Media Networks

Media Networks revenues for the year increased 4% to $19.4 billion and segment operating income increased 8% to $6.6 billion. For the quarter, revenues increased 2% to $4.9 billion and segment operating income increased 7% to $1.6 billion. The following table provides further detail of the Media Networks results (in millions):

  Year Ended       Quarter Ended  

Sept. 29,2012

 

Oct. 1,2011

Change

Sept. 29,2012

 

Oct. 1,2011

Change
Revenues:
Cable Networks $ 13,621 $ 12,877 6 % $ 3,535 $ 3,467 2 %
Broadcasting   5,815     5,837   - %   1,346     1,331   1 %
$ 19,436   $ 18,714   4 % $ 4,881   $ 4,798   2 %
 
Segment operating income:
Cable Networks $ 5,704 $ 5,233 9 % $ 1,379 $ 1,261 9 %
Broadcasting   915     913   - %   192     201   (4 ) %
$ 6,619   $ 6,146   8 % $ 1,571   $ 1,462   7 %

Cable Networks

Operating income at Cable Networks increased $471 million to $5.7 billion for the year due to growth at ESPN and the worldwide Disney Channels and an increase in equity income. The increase at ESPN was driven by higher affiliate and advertising revenue, partially offset by higher programming costs. Higher affiliate revenue was due to contractual rate increases while the increase in advertising revenue was primarily due to higher rates. The programming cost increase was driven by contractual rate increases for college sports, NFL, Major League Baseball, and NBA programming and expanded rights for the Wimbledon Championships. Growth at the worldwide Disney Channels was driven by higher affiliate revenue due to contractual rate increases domestically and subscriber growth internationally. These increases were partially offset by lower Disney Channel program sales. Increased equity income was driven by growth at A & E Television Networks (AETN), which reflected higher advertising and affiliate revenues partially offset by higher programming costs.

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