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FOR IMMEDIATE RELEASE
November 6, 2008
THE WALT DISNEY COMPANY REPORTS EARNINGS FOR FISCAL YEAR 2008
EPS for the year was $2.28, compared to $2.25 in the prior year. EPS for the prior and current year included net benefits of $0.33 and $0.01, respectively, from certain items which are detailed below
EPS excluding these items was $2.27, up 18% from $1.92 in the prior year
EPS for the quarter was $0.40 versus $0.44 in the prior-year quarter. Excluding the items discussed below, EPS was $0.43 for the quarter compared to $0.42 in the prior-year quarter
BURBANK, Calif. The Walt Disney Company today reported earnings for the fiscal year and fourth quarter ended September 27, 2008. Diluted earnings per share (EPS) for the year was $2.28, compared to $2.25 in the prior year. EPS for both the current and prior year included the impact of certain items discussed below. Excluding these items, EPS for the current year increased 18% to $2.27 compared to $1.92 in the prior year.
EPS for the prior year included gains on the sales of our interests in E! Entertainment and Us Weekly, favorable adjustments related to prior-year income tax matters, income from the discontinued operations of the ABC Radio business, and an equity-based compensation plan modification charge. Collectively, these items resulted in a net benefit of $0.33. EPS for the current year included an accounting gain related to the acquisition of the Disney Stores in North America, a gain on the sale of movies.com, the favorable resolution of certain prior-year income tax matters, and a fourth quarter bad debt charge for a receivable from Lehman Brothers. Collectively, these items resulted in a net benefit of $0.01 per share.
For the quarter, EPS was $0.40 compared to $0.44 in the prior-year quarter. Excluding the bad debt charge in the current-year quarter and the favorable resolution of tax matters in the prior-year quarter, EPS for the quarter was $0.43 compared to $0.42 for the prior-year quarter.
Im pleased by Disneys strong performance in fiscal year 2008, especially in light of the challenging economic environment, said Robert A. Iger, president and CEO. This is clearly a difficult and unpredictable time and while our businesses arent immune, the strength of our assets, brands, and management team positions us well for the long term.
The following information was filed by Twdc Enterprises 18 Corp. on Thursday, November 6, 2008 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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