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MUMBAI:
The Walt Disney Company's net profit for the first quarter
ended 29 December fell six per cent to $1.38 billion from
$1.46 billion in the same quarter of preceding fiscal due
to increase in programming costs at ESPN and decline in studio
entertainment revenues.
Disney's
revenues grew five per cent to $11.3 billion, up from $10.7
billion in the corresponding quarter.
“After
delivering another record year of growth in 2012, we're off
to a solid start in Fiscal 2013,” said The Walt Disney
Chairman and CEO Robert A. Iger. “Our ongoing success
is driven by our long-term strategy, the strength of our brands
and businesses, and our high quality family entertainment."
Media
Networks revenues for the quarter increased 7 per cent to
$5.1 billion and segment operating income increased 2 per
cent to $1.2 billion.
Operating
income at Cable Networks decreased $15 million to $952 million
for the quarter due to a decrease at ESPN, partially offset
by growth at the domestic Disney Channels, ABC Family and
A&E Television Networks (AETN).
The
decrease at ESPN was driven by higher programming and production
costs, partially offset by higher affiliate revenue.
Operating
income at Broadcasting increased $36 million to $262 million
driven by increased advertising revenues at the ABC Television
Network and owned television stations and higher program sales,
partially offset by higher primetime network programming costs.
Parks
and Resorts revenues for the quarter increased 7 per cent
to $3.4 billion and segment operating income increased 4 per
cent to $577 million. Results for the quarter were driven
by an increase at our domestic operations, partially offset
by a decrease at our international operations.
Studio
Entertainment revenues decreased 5 per cent to $1.5 billion
and segment operating income decreased 43 per cent to $234
million.
Lower
operating income for the quarter was driven by decreases in
home entertainment and theatrical distribution, partially
offset by an increase in television and subscription video
on demand (TV/SVOD) distribution.
Consumer
Products revenues increased 7 per cent to $1.0 billion and
segment operating income increased 11 per cent to $346 million.
Higher operating income was due to increases at Merchandise
Licensing and at our retail business.
Interactive
revenues for the quarter increased 4 per cent to $291 million
and segment operating results improved from a loss of $28
million to income of $9 million. Higher operating results
were driven by lower acquisition accounting impacts at our
social games business which were adverse in the prior-year
quarter and growth at our Japan mobile business from a new
licensing agreement for Disney branded mobile phones and content.
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