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The Walt Disney Company Reports First Quarter Earnings For Fiscal 2014

Broadcasting

Operating income at Broadcasting decreased $84 million to $178 million for the quarter due to higher programming costs, lower program sales and decreased advertising revenue, partially offset by higher affiliate revenues and lower general and administrative expenses. Higher programming costs were due to higher program write-offs and a contractual rate increase for Modern Family. The decline in program sales reflected higher sales of Revenge and Army Wives in the prior-year quarter. Lower advertising revenue was driven by a decrease at the owned television stations, partially offset by an increase at the ABC Television Network. The increase at the ABC Television Network was due to higher rates and more units delivered, partially offset by lower ratings. Affiliate revenue growth reflected higher contractual rates. Lower general and administrative expenses were driven by lower labor costs primarily as a result of decreased pension and postretirement medical costs.

Parks and Resorts

Parks and Resorts revenues for the quarter increased 6% to $3.6 billion and segment operating income increased 16% to $671 million. Operating income growth for the quarter was primarily due to increased guest spending at our domestic parks and resorts, which reflected higher average ticket prices and food, beverage and merchandise spending. The increase in guest spending was partially offset by higher costs for the continued roll out of MyMagic+ and labor and other cost inflation, partially offset by lower pension and postretirement medical costs.

Operating income at our international parks and resorts was comparable to the prior-year quarter as increased guest spending at Disneyland Paris and Hong Kong Disneyland Resort and higher attendance at Hong Kong Disneyland Resort were largely offset by lower attendance and occupied room nights at Disneyland Paris.

Studio Entertainment

Studio Entertainment revenues increased 23% to $1.9 billion and segment operating income increased 75% to $409 million. Higher operating income was due to an increase in worldwide theatrical distribution results and, to a lesser extent, increases in domestic home entertainment and television/subscription video on demand (TV/SVOD) distribution.

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