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

For the quarter, improved operating results were primarily due to lower acquisition accounting impacts at our social games business and higher allocations to other Company businesses related to website design and maintenance, partially offset by a decrease at our console game business driven by fewer significant titles in release in the current quarter.


Corporate and Unallocated Shared Expenses

Corporate and unallocated shared expenses increased $15 million to $474 million for the year and increased $16 million to $140 million for the quarter. The increase for the year was driven by higher compensation related costs and charitable contributions, while the increase for the quarter was primarily due to higher charitable contributions.

Net Interest Expense

Net interest expense was as follows (in millions):
  Year Ended   Quarter Ended

Sept. 29,2012

Oct. 1,2011

Sept. 29,2012

Oct. 1,2011
Interest expense $ (472 ) $ (435 ) $ (115 ) $ (111 )
Interest and investment income   103     92     24     34  
Net interest expense $ (369 ) $ (343 ) $ (91 ) $ (77 )

The increase in net interest expense for the year was primarily due to higher average debt balances, partially offset by lower effective interest rates.

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