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Walt Disney beats by nickel
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January 31, 2002: 4:53 p.m. ET
House of Mickey reports 1Q of $297 million, beating expectations.
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NEW YORK (CNN/Money) - Walt Disney Co. posted first-quarter results Thursday that topped Wall Street expectations despite a drop in revenue.
Excluding one-time gains, Burbank, Calif.-based Disney (DIS: down $0.34 to $21.06, Research, Estimates) reported first-quarter income of $297 million, or 15 cents a share, compared to $657 million, or 31 cents, in the year-ago quarter. Including the gains, Disney reported net income of $438 million in the first quarter, or 21 cents a share.
Revenue for Disney fell 5 percent to $7 billion for the quarter. Earnings tracker First Call had pegged the quarterly profit at 10 cents per share.
"This quarter's results are an indication of how we are managing through challenging times while building for the future," Disney Chairman and CEO Michael Eisner said. "Our efforts during this period are being guided by two overarching goals -- to achieve the greatest possible efficiencies in o operations and to continue to create great content that will further strengthen our unmatched entertainment brands."
Disney, owner of ABC Television Network, continues to feel the effect of the recent advertising slump. Revenue for company's media networks fell 3 percent to $3 billion while segment operating income declined 58 percent to $246 million.
The company's theme parks, which were shut temporarily after the Sept. 11 terrorist attacks, continued to show a drop in attendance. Revenue for parks and resorts fell 17 percent to $1.4 billion while segment operating income dropped 51 percent to $187 million, the company said.
Disney studios showed similar declines as revenue dropped 2 percent to $1.8 billion. Disney scored with the release of Monsters, Inc., but the film's success was "more than offset by the impact of marketing costs spent on films not yet released and on films released late in the quarter," the company said. 
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