Television the Bright Spot For Disney in Q1

Cable and broadcasting networks were the only business segment of The Walt Disney Co. to show an improvement in revenues for the first quarter when compared to a year ago. The Burbank-based entertainment and media conglomerate had flat growth in parks and resorts and filmed entertainment and a drop in revenues for consumer products and interactive media. Overall, Disney reported a net income of $844 million, or $0.44 per diluted share, on revenues of $9.7 billion for the quarter ending Jan. 2. For the same period in 2008, the company had a net income of $851 million, or $0.45 per diluted share, on revenues of $9.6 billion. Media networks revenues increased by 7 percent to $4.2 billion for the quarter on higher subscription rates and licensing fees. Consumer product revenues dropped by 3 percent to $746 million, while Interactive Media, which includes video games and online sites, fell by 29 percent to $221 million. During the quarter the company incurred $66 million in restructuring charges related to severance and other costs; and $39 million in write-offs for abandoned film projects. Mark R. Madler