Disney: Terrorist attacks hurt Q4, yearly results

BURBANK, Calif. -- Disney's Parks & Resorts division, which contributes 35% of the Walt Disney Co.'s operating income, was hit hard by the terrorist attacks, according to the company's financial statement for the fiscal fourth quarter and the year ended Sept. 30.

Disney projected that attendance at Walt Disney World in Florida in the current quarter will decline by 25% compared with the same period of 2000. About 50% of Walt Disney World's visitors arrive by air.

Fourth-quarter operating income was $313 million, a 13% decline compared with last year. Occupancy in Disney-owned and -operated hotels in Florida was down by about 20%.

However, bright spots were increased attendance, occupancy and spending at Disneyland in Anaheim, Calif., during the quarter and year. Disney got a boost with the openings earlier this year of the California Adventure theme park, the Grand Californian Hotel and Downtown Disney, and by higher royalties generated in conjunction with Tokyo DisneySea, the second Disney theme park in Japan.

For the year, Parks & Resorts revenues reached $7 billion, a 3% increase over the previous fiscal year, but operating income decreased 2%, to $1.6 billion.

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