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

For the quarter, operating income at Cable Networks increased by $118 million to $1.4 billion due to growth at ESPN, higher equity income at AETN, and improvement at ABC Family, partially offset by lower operating income at the domestic Disney Channels. The increase at ESPN reflected higher contractual rates for affiliate fees, decreased marketing costs, and higher equity income at the ESPN Star Sports joint venture due to lower programming costs. These increases were partially offset by higher programming costs driven by contractual rate increases for college football and Major League Baseball and expanded rights for the Wimbledon Championships. The improvement at ABC Family was primarily due to lower programming and marketing and sales costs. At the domestic Disney Channels, the benefit of higher affiliate revenue due to contractual rate increases was more than offset by a decrease due to a significant program sale that occurred in the prior-year quarter.


Operating income at Broadcasting remained relatively flat at $915 million for the year as higher program sales, lower programming and production costs and higher affiliate and royalty revenue were largely offset by lower advertising revenues and higher equity losses at Hulu. Program sales growth was driven by Castle and Once Upon a Time, partially offset by lower home entertainment revenues primarily due to Lost. Lower programming and production costs reflected the absence of The Oprah Winfrey Show at the owned television stations and lower program write offs at the ABC Television Network. Lower advertising revenues were driven by lower network ratings, which were partially offset by higher rates, and a decrease at the owned television stations driven by lower political advertising. Higher equity losses at Hulu were driven by increased programming and marketing costs, partially offset by higher advertising and subscription revenues.

For the quarter, operating income at Broadcasting decreased $9 million to $192 million driven by a decline in ABC Television Network advertising revenues due to lower ratings and higher equity losses at Hulu, partially offset by higher program sales driven by Castle and Wipeout.

Parks and Resorts

Parks and Resorts revenue for the year increased 10% to $12.9 billion and segment operating income increased 22% to $1.9 billion. For the quarter, revenues increased 9% to $3.4 billion and segment operating income increased 18% to $497 million.

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