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The Walt Disney Company Reports Third Quarter Earnings For Fiscal 2013

The Walt Disney Company (NYSE: DIS) today reported earnings for its third fiscal quarter and nine months ended June 29, 2013. Diluted earnings per share (EPS) for the third quarter of $1.01 was equal to the prior-year quarter. Excluding certain items affecting comparability, EPS for the quarter increased 2% to $1.03 compared to $1.01 in the prior-year quarter. Diluted EPS for the nine months ended June 29, 2013 was $2.61 compared to $2.44 in the prior-year period.

"We are pleased with the results we delivered in the third quarter," said Robert A. Iger, Chairman and CEO of The Walt Disney Company. "We are confident that our strategy of creating high-quality branded content positions us well for the future."

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

    Quarter Ended         Nine Months Ended  
 

June 29,2013

   

June 30,2012

Change   June 29,2013     June 30,2012 Change
Revenues $ 11,578 $ 11,088 4 % $ 33,473 $ 31,496 6 %
Segment operating income (1) $ 3,351 $ 3,236 4 % $ 8,240 $ 7,625 8 %
Net income (2) $ 1,847 $ 1,831 1 % $ 4,742 $ 4,438 7 %
Diluted EPS (2) $ 1.01 $ 1.01 % $ 2.61 $ 2.44 7 %
Cash provided by operations $ 3,413 $ 2,885 18 % $ 6,717 $ 6,431 4 %
Free cash flow (1) $ 2,723 $ 2,145 27 % $ 4,908 $ 3,580 37 %
 

(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 $60 million of restructuring and impairment charges, which had a negative impact of $0.02 on EPS.

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