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Saturday, November 11, 2006

Box Office, iTunes Movie Sales another best source of revenue for Disney

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Disney reported net income of US$782 million, or 36 cents per share for the quarter ended Sept. 30, compared to $379 million, or 19 cents per share in the same period last year. A strong summer movie season, including the hit "Pirates of the Caribbean: Dead Man's Chest" boosted per share earnings.

ABC, ESPN Still helped a bit

ABC and ESPN reported net income of US$782 million, or 36 cents per share for the quarter ended Sept. 30, compared to $379 million, or 19 cents per share in the same period last year.

Revenue increased to $8.784 billion from $7.734 billion in the same period last year.

The results beat analyst expectations of 34 cents per share on revenue of $8.694 billion.

Disney theme park still contribute to the earnings

Attendance at its domestic parks was essentially flat during the quarter, with a decline at Disneyland in California offset by gains at Walt Disney World in Florida.

Per guest spending increased at both parks as did profit margins. This year's results included a full quarter of operations at its latest park in Hong Kong, versus two weeks in the prior year period.

Profits rose at the company's cable networks division in the quarter, driven largely by increased fees and advertising from ESPN. The Disney Channel is also showing strong growth from the success of its "High School Musical" movie and the "Hannah Montana" series.

Profits dropped by $19 million at the broadcast network as higher revenue from the sale of TV shows on DVD was offset by investments the company is making in a Disney-branded mobile phone service.

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