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The Walt Disney Company Reports First Quarter Earnings For Fiscal 2013

The Walt Disney Company (NYSE: DIS) today reported earnings for its first quarter ended December 29, 2012. Diluted earnings per share (EPS) for the quarter was $0.77, but excluding certain items affecting comparability EPS was $0.79 compared to $0.80 in the prior-year quarter.

“After delivering another record year of growth in 2012, we're off to a solid start in Fiscal 2013,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “Our ongoing success is driven by our long-term strategy, the strength of our brands and businesses, and our high quality family entertainment.”

The following table summarizes the first quarter results for fiscal 2013 and 2012 (in millions, except per share amounts):

    Quarter Ended  
  December 29, 2012     December 31, 2011 Change
Revenues $ 11,341 $ 10,779 5 %
Segment operating income (1) $ 2,380 $ 2,444 (3) %
Net income (2) $ 1,382 $ 1,464 (6) %
Diluted EPS (2) $ 0.77 $ 0.80 (4) %
Cash provided by operations $ 1,144 $ 1,734 (34) %
Free cash flow (1) $ 599 $ 1,100 (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 quarter includes charges related to the Celador litigation ($321 million) and our share of expense associated with an equity redemption at Hulu LLC (Hulu Equity Redemption) ($55 million), a gain on the sale of our 50% interest in ESPN STAR Sports ($219 million) and a tax benefit related to prior-year foreign earnings ($64 million). Collectively, these items had a net adverse impact on EPS of $0.02.

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