Poor box office results for some of its feature films resulted in the studio entertainment division of The Walt Disney Co. posting lower revenues for the fourth quarter when compared to the prior year.
The division was the only business unit of the Burbank-based media and entertainment conglomerate to bring in less revenue for the quarter and the 2010 fiscal year. Studio entertainment brought in $1.5 billion in revenues for the fourth quarter compared to the $1.6 billion for the same period in 2010.
The company attributed the drop to fewer moviegoers seeing its summer slate of films, including “Cars 2,” “Pirates of the Caribbean: On Stranger Tides,” “Thor,” and “Captain America.”
Overall, Disney had a net income of $1.1 billion, or $0.58 per diluted share, on revenues of $10.4 billion for the quarter ending Sept. 30. For the same period in 2010, Disney had net income of $835 million, or $0.43 per diluted share, on revenues of $9.7 billion.
For the full fiscal year, Disney brought in net income of $4.8 billion, or $2.52 per diluted share on revenues of $40.9 billion. In the previous fiscal year, the company had net income of $4 billion, or $2.03 per diluted share, on revenues of $38 billion.
Interactive media, consumer products and parks and resorts brought in double digit improvement in revenues for the fourth quarter when compared to a year ago. The Disney-owned broadcast and cable channels brought in a nine percent increase when compared to the fourth quarter 2010.
Consumer product revenues were helped by high sales of Marvel comics related products while the parks and resorts division had an increase in visitors at the theme park resorts in the U.S., Paris and Hong Kong and aboard the Disney Cruise Line.