Television

ESPN drives Disney's quarterly revenue up 17 %

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MUMBAI: Disney has reported financial results for the third quarter ended 30 June, 2004.

Revenues increased to $7,471 million from $6,377 million for the same quarter last year representing an increase of 17 per cent. For the nine-month period, revenues increased to $23,209 million from $20,047 last year, an increase of 16 per cent.

Media Networks revenues for the quarter increased by eight per cent to $2.9 billion and segment operating income increased 15 per cent to $673 million. Studio entertainment revenue for the quarter increased by 19 per cent to $1.7 billion and segment operating income decreased to $28 million from $71 million in the prior-year quarter.

Disney CEO Michael Eisner said, "The continued growth in our earnings this quarter, led by ESPN and our other cable networks, positions us well to deliver more than 50 per cent growth in earnings for the year, as we predicted last quarter. Equally important, our strong earnings and cash flow growth demonstrate the overall strength of our businesses.

"During the recent downturn, we remain focussed on managing the company for long term performance and extending the Disney legacy and we believe that the positive trends in our businesses validate that approach."

Parks and Resorts revenues for the quarter increased by 32 per cent to $2.3 billion and segment operating income increased by 20 per cent to $421 million. The consolidation of Euro Disney and Hong Kong Disneyland contributed $332 million of the increase in revenue and $15 million of the increase in segment operating income.

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