Disney reports strong second quarter 2012 results
The Walt Disney Co.reported a 21% jump in net income for the quarter, as the strong performance of the television business and at the theme parks more than offset losses at the film studio.
Revenues rose to $9.6 billion for the three months ending March 31, up 6% from the same time a year ago. Net income exceeded $1.1 billion, compared with $942 million a year earlier. Disney reported earnings per share of 58 cents, excluding one-time items, an increase of 18% from a year ago.
The film studio reported an operating loss of $84 million for the quarter, reflecting the write-down associated with the sci-fi adventure film”John Carter.” The big-budget film, released in early March, brought in just $70 million in domestic box-office receipts, well shy of breaking even.
Disney’s box-office dud was followed, two months later, by the record-setting performance of “The Avengers.” The superhero movie, released by Disney’s Marvel Entertainment group, smashed the domestic record for best opening weekend.
-- Dawn Chmielewski, Los Angeles Times