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Disney: Cautiously Optimistic - The Motley Fool - 2/7/06


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  • Disney: Cautiously Optimistic - The Motley Fool - 2/7/06

    By Steven Mallas
    February 7, 2006

    Disney (NYSE: DIS) reported earnings for its fiscal first quarter after Monday's market close. Many observers seem to be predicting that the magic is back, but I've heard that song and dance before; I'll read through this release and judge for myself.

    Total revenues increased 2% to $8.85 billion. Operating income went up a percentage point, coming in at $1.38 billion. Net income rose 7% to $734 million, or $0.37 per diluted share. There was a benefit of $44 million in after-tax monies ($0.02 per share) related to asset sales, and a $13 million net benefit ($0.01 per share) in the year-ago quarter (due to a favorable tax element that was offset by charges related to the sale of The Disney Store asset). Backing those out, the increase in net earnings becomes about 2.5%.
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