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

Studio Entertainment

Studio Entertainment revenues for the year decreased 8% to $5.8 billion and segment operating income increased 17% to $722 million. For the quarter, revenues decreased 4% to $1.4 billion and segment operating income decreased 32% to $80 million.

The revenue decline for the year was driven by fewer theatrical releases in the current year and lower home entertainment sales volume. Higher operating income for the year was driven by increases in domestic theatrical and worldwide television distribution, partially offset by higher film cost write-downs.

Domestic theatrical operating income growth reflected the strong performance of Marvel’s The Avengers in the current year, partially offset by marketing costs for Frankenweenie, which was released after the fiscal year-end. The revenue decline from fewer theatrical releases was largely offset by a decrease in the related distribution and marketing costs and production cost amortization.

In worldwide television distribution, lower revenues from the domestic markets were largely offset by higher international syndication revenues. The increase in operating income was due to a lower average production cost amortization rate on current-year titles.

For the quarter, lower segment operating income was driven by a decrease in worldwide theatrical results and higher film cost write-downs, partially offset by improved results in worldwide home entertainment.

Lower worldwide theatrical operating income was driven by the performance of Brave in the current quarter compared to Cars 2 in the prior-year quarter and the pre-release marketing expense for Frankenweenie in the current quarter . Improved home entertainment results were driven by the strong performance of Marvel’s The Avengers in the current quarter.

Consumer Products

Consumer Products revenues for the year increased 7% to $3.3 billion and segment operating income increased 15% to $937 million. For the quarter, revenues increased 8% to $883 million and segment operating income increased 29% to $267 million.

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