Disney’s Fiscal-1991 Profit Falls 23% to $636.6 Million

Walt Disney Co., blaming its problems on lower theme park attendance and costs resulting from development and expansion, Thursday reported a 23% drop in net income for fiscal 1991 and a 25% decline for the fourth quarter.

For the year ended Sept. 30, the Burbank-based entertainment company reported net income of $636.6 million, or $4.78 per share, down from $824 million, or $6, the year before.

Revenue for the 12 months rose to $6.1 billion, a 6% increase over the previous year’s $5.8 billion.

Fourth-quarter earnings totaled $174.1 million, down from last year’s $232.7 million, while earnings per share fell to $1.31 from $1.72. Revenue for the latest three months was $1.74 billion, up from 1990’s $1.71 billion.

Operating income from theme parks was down 29% to $171 million from the previous year’s $242 million. There was a 5% drop in revenue--to $2.8 billion from $3 billion.

Filmed entertainment revenue rose 15% for the year to $2.5 billion from $2.2 billion. Operating income increased 2% to $318 million from $313 million.

* Orion Pictures Corp.: Financially troubled Orion reported a net loss of $48 million for the second quarter of fiscal 1992, largely attributed to write-downs. That contrasted with net income of $3.2 million a year earlier. Revenue for the quarter totaled $133.7 million, with a loss from continuing operations of $47 million, or $2.09 a share. Orion had revenue of $119 million and a loss from continuing operations of $3.6 million, or 17 cents a share, in the second quarter of fiscal 1991.