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The Walt Disney Company Reports Fourth Quarter And Full Year Earnings For Fiscal 2013

Cash provided by operations for fiscal 2013 increased 19% or $1.5 billion to $9.5 billion as compared to fiscal 2012. The increase in cash provided by operations was primarily due to higher segment operating results, lower pension contributions and the prior-year payment of interest accrued on Disneyland Paris borrowings, partially offset by the payment related to the Celador litigation in the third quarter of the current year.

Capital Expenditures and Depreciation Expense

Investments in parks, resorts and other property were as follows (in millions):
Year Ended

Sept. 28,2013

Sept. 29,2012
Media Networks
Cable Networks $ 176 $ 170
Broadcasting   87   85
Total Media Networks   263   255
Parks and Resorts
Domestic 1,140 2,242
International   970   641
Total Parks and Resorts   2,110   2,883
Studio Entertainment 78 79
Consumer Products 45 69
Interactive 13 27
Corporate   287   471
Total investments in parks, resorts and other property $ 2,796 $ 3,784

Capital expenditures decreased from $3.8 billion to $2.8 billion due to decreases at Parks and Resorts and Corporate. The decrease at Parks and Resorts was primarily due to higher spending in the prior year, which included the final progress payment for the Disney Fantasy cruise ship, the expansion of Disney California Adventure, the construction of Disney's Art of Animation Resort and development of MyMagic+, compared to the current year, which included construction of the Shanghai Disney Resort. The decrease at Corporate reflected higher spending in the prior year for corporate facilities and information technology infrastructure.

Depreciation expense was as follows (in millions):
Year Ended

Sept. 28,2013

Sept. 29,2012
Media Networks
Cable Networks $ 139 $ 141
Broadcasting   99   100
Total Media Networks   238   241
Parks and Resorts
Domestic 1,041 927
International   327   314
Total Parks and Resorts   1,368   1,241
Studio Entertainment 54 48
Consumer Products 57 55
Interactive 20 17
Corporate   220   182
Total depreciation expense $ 1,957 $ 1,784

Non-GAAP Financial Measures

This earnings release presents EPS excluding the impact of certain items, free cash flow and aggregate segment operating income, all of which are important financial measures for the Company but are not financial measures defined by GAAP.

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