Exhibit 99.1

FOR IMMEDIATE RELEASE

November 11, 2010

THE WALT DISNEY COMPANY REPORTS FOURTH QUARTER EARNINGS

BURBANK, Calif. – The Walt Disney Company today reported earnings for the fiscal year and fourth quarter ended October 2, 2010. Diluted earnings per share (EPS) for the year increased 15% to $2.03 from $1.76 in the prior year. For the quarter, diluted EPS was $0.43 compared to $0.47 in the prior-year quarter. The decrease for the quarter reflected a $0.09 adverse impact from a shift in the timing of recognition of previously deferred revenues between the third and fourth quarters at ESPN. Additionally, fiscal 2010 results for the full year and for the quarter include one fewer week of operations compared to fiscal 2009 due to our fiscal period end.

“The 2010 fiscal year was a financial and strategic success for The Walt Disney Company with performance driven by great content like Toy Story 3 and the way we benefited from that content across our many businesses. Our fourth quarter earnings grew solidly after factoring out a programming writeoff at one of our equity networks, the timing of ESPN revenue recognition and the effect of one fewer week of operations this year than last,” said Disney president and CEO Robert A. Iger. “With the acquisition of Marvel, our brand and franchise portfolio is stronger than ever and we’re confident our global growth strategy positions the company well to thrive in the coming years.”

The following table summarizes the fourth quarter and full year results for fiscal 2010 and 2009 (in millions, except per share amounts):

 

     Year Ended            Quarter Ended         
     October 2,
2010
     October 3,
2009
     Change     October 2,
2010
     October 3,
2009
     Change  

Revenues

   $ 38,063       $ 36,149         5   $ 9,742       $ 9,867         (1 )% 

Segment operating income (1)

   $ 7,586       $ 6,672         14   $ 1,717       $ 1,853         (7 )% 

Net income (2)

   $ 3,963       $ 3,307         20   $ 835       $ 895         (7 )% 

Diluted EPS (2)

   $ 2.03       $ 1.76         15   $ 0.43       $ 0.47         (9 )% 

Cash provided by operations

   $ 6,578       $ 5,319         24   $ 2,206       $ 1,738         27

Free cash flow (1)

   $ 4,468       $ 3,566         25   $ 1,409       $ 1,112         27

 

  (1)

Aggregate segment operating income and free cash flow are non-GAAP financial measures. See the discussion of non-GAAP financial measures below.

  (2)

Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of noncontrolling (minority) interests.

 

1


The following information was filed by Twdc Enterprises 18 Corp. on Friday, November 12, 2010 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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