Euro Disney Expects Losses at Paris Resort to Top $68 Million

Euro Disney confirmed Monday that it had been forecasting deeper than anticipated losses at the Disneyland Paris resort, but lashed out at a French newspaper for reporting on its numbers before they had been audited.

Euro Disney was responding to an article in the French newspaper Le Parisien that said the company had projected its fiscal 2003 losses would widen by 75% to $68 million.

“Euro Disney confirms that the forecasted financial results for fiscal year 2003 mentioned in the article were contained in internal documents and presentations prepared by the company prior to the fiscal year-end,” the company said in a statement.

Euro Disney, which operates two theme parks outside of Paris, this year has been battered by the weak global economy, the effects of war with Iraq and crippling transport strikes.

However, the company, which is 39% owned by Burbank-based Walt Disney Co., said the published figures were incomplete and out of context because they had been released before they were audited. The final results will be released next month.

“The information was illegally provided to Le Parisien,” Euro Disney added.

The French daily said that the figures were compiled by the French accounting firm Arec.

Beyond a falloff in foreign travel, the resort also has struggled from having to pay high interest on its $2.45-billion debt, Arec said in its report.

Euro Disney warned this summer that it might default on debt repayments because of a steep decline in tourism.

The total number of visitors to the two parks, Magic Kingdom and Walt Disney Studios, fell to 12.5 million -- down almost 5% compared with the previous year, according to Le Parisien. The resort had forecast 14.5 million visitors.

Euro Disney’s shares fell 2%.