Exhibit 99.1
FOR IMMEDIATE RELEASE
November 9, 2017
THE WALT DISNEY COMPANY REPORTS
FOURTH QUARTER AND FULL YEAR EARNINGS FOR FISCAL 2017
BURBANK, Calif. – The Walt Disney Company today reported earnings for its fourth quarter and fiscal year ended September 30, 2017. Diluted earnings per share (EPS) for the fourth quarter increased 3% from $1.10 in the prior-year quarter to $1.13 in the current quarter. Excluding certain items affecting comparability(1), EPS for the quarter decreased 3% from $1.10 in the prior-year quarter to $1.07. Diluted EPS for the year decreased from $5.73 in the prior year to $5.69. Excluding certain items affecting comparability(1), EPS for the year decreased from $5.72 in the prior year to $5.70.
“No other entertainment company is better equipped to navigate the ever-evolving media landscape, thanks to our unparalleled collection of brands and franchises and our ability to leverage IP across our entire company,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “We look forward to launching our first direct-to-consumer streaming service in the new year, and we will continue to invest for the future and take the smart risks required to deliver shareholder value.”
The following table summarizes the fourth quarter and full year results for fiscal 2017 and 2016 (in millions, except per share amounts):
 
Quarter Ended
 
 
 
 
Year Ended
 
 
 
Sept. 30, 2017
 
Oct. 1, 2016
 
Change
 
Sept. 30, 2017
 
Oct. 1, 2016
 
Change
Revenues
$
12,779

 
$
13,142

 
(3
)%
 
 
$
55,137

 
$
55,632

 
(1
)%
 
Segment operating income(1)
$
2,812

 
$
3,176

 
(11
)%
 
 
$
14,775

 
$
15,721

 
(6
)%
 
Net income(2)(3)
$
1,747

 
$
1,771

 
(1
)%
 
 
$
8,980

 
$
9,391

 
(4
)%
 
Diluted EPS(2)(3)
$
1.13

 
$
1.10

 
3
 %
 
 
$
5.69

 
$
5.73

 
(1
)%
 
EPS excluding certain items affecting comparability(1)(3)
$
1.07

 
$
1.10

 
(3
)%
 
 
$
5.70

 
$
5.72

 
 %
 
Cash provided by operations
$
3,586

 
$
3,707

 
(3
)%
 
 
$
12,343

 
$
13,136

 
(6
)%
 
Free cash flow(1)
$
2,691

 
$
2,625

 
3
 %
 
 
$
8,720

 
$
8,363

 
4
 %
 
(1) 
EPS excluding certain items affecting comparability, segment operating income and free cash flow are non-GAAP financial measures. Certain items affecting comparability during the fourth quarter of fiscal 2017 included a non-cash net gain in connection with the acquisition of a controlling interest in BAMTech LLC ($255 million) and restructuring and impairment charges ($98 million).
(2) 
Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of noncontrolling interests.
(3) 
Includes an income tax benefit related to the adoption of new accounting rules for the tax effects of employee share-based awards, which requires that excess tax benefits or tax deficiencies on employee share-based awards be included in “Income taxes” in the Condensed Consolidated Statement of Income. These amounts were previously recorded in “Common stock” in the Condensed Consolidated Balance Sheet. An excess tax benefit arises when the value of an employee share-based award on the exercise or vesting date is higher than the fair value on the grant date. A tax deficiency arises when the value on the exercise or vesting date is lower than the grant date fair value.


1

The following information was filed by Twdc Enterprises 18 Corp. on Thursday, November 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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