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Thursday, Mar 28, 2024

Disney Profit Increases 12 Percent

Higher attendance at its theme parks and sales of “High School Musical” and “Cars” merchandising contributed to The Walt Disney Co. reporting $877 million in net profit for the fourth quarter. For fiscal year 2007, the Burbank-based media conglomerate had net income of $4.6 billion or a 38 percent increase of the $3.4 billion in net income reported for fiscal year 2006. The company delivered value to shareholders and growth to all its business units by the combination of strong bands and high-quality creative content distributed across multiple platforms, said President and CEO Robert Iger. Disney reported a net income of $877 million, or $2.25 per diluted share, on revenues of $8.9 billion for the quarter ending Sept. 29. That is a 12 percent increase over the $782 million, or $0.36 per diluted share, on revenues of $8.6 billion for the same period in 2006. For the quarter, studio entertainment had a decrease in worldwide theatrical distribution partially offset by improvements in the music business due to the strong performance of “Hannah Montana” and “High School Musical.” Consumer products growth was generated by higher earned royalties across multiple product categories, led by “High School Musical” and “Cars” merchandise.

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