For the fourth quarter ended Sept. 30, the entertainment conglomerate reported revenue of $6.7 billion, ahead of the five-analyst estimate of $6 billion reported by Thomson Financial/First Call. Earnings amounted to $222 million, or 11 cents per share, in line with the consensus and up from 9 cents a year earlier.
Disney's shares, which have climbed slowly over the past month, fell 60 cents during normal trading to close at $18.26. Shares were down a nickel in after-hours trading.
Calling fiscal 2002 a "difficult year," CEO Michael Eisner forecast net income growth of over 20% for the next fiscal year.
In the September quarter, Disney's Parks and Resorts operating income fell 25% from the corresponding quarter one year earlier, while revenue fell 1%. The company blamed lower theme park attendance and higher costs at Walt Disney World, partially offset by higher guest spending at Disney World.
Media Networks revenue grew 6% for the quarter, while operating income fell 60%. The company says that ad pricing in the TV scatter market is up 25% from levels set in the upfront market; President Bob Iger said advertisers had retained 90% of the options they have on second fiscal quarter advertising, indicating strong demand for the company's inventory.
Studio Entertainment revenue grew 50%, while operating income swung from a $121 million loss a year ago to $149 million in the black.