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Disney studio to lose up to $300 mln- Reuters- 9/14/05


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  • Disney studio to lose up to $300 mln- Reuters- 9/14/05

    Full text available here:

    Walt Disney Co. (NYSEIS - News) on Wednesday said its movie studio division would post a loss of up to $300 million in the current quarter, hurt by weak box office ticket sales and higher marketing expenses from a larger slate of Miramax releases.

    Disney Chief Financial Officer Tom Staggs also told investors at a Merrill Lynch conference in Pasadena, California that the company could have to write off $100 million in Delta Airlines (NYSEAL - News) aircraft leases as the carrier filed for bankruptcy.

    Staggs said a charge from the Delta investment "would obviously have a meaningful impact on our results for the quarter and the year."

    But he said that Disney was on track to meet its forecast of double-digit overall growth in earnings, excluding the Delta charge, based on the performance of its theme parks and cable networks, including ESPN. Staggs did not specify whether the double-digit forecast, excluding the charge, would apply for the fiscal fourth quarter, the fiscal year or both.

    Wall Street analysts on average had expected Disney to post net earnings of 26 cents per share for the current, fiscal fourth quarter and $1.34 per share for the fiscal year, according to Reuters Estimates.
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