ORLANDO -- Walt Disney Co. said higher guest spending and more
visits to Walt Disney World Resort and the Disneyland Resort fueled
fourth-quarter 2002 results at the company's Parks and Resorts
Revenue for Parks and Resorts for the fourth quarter was $1.5
billion, an 8% increase over fourth-quarter 2001. In the year-ago
quarter, however, cancellations and deferred travel was rampant
because of the post-Sept. 11 atmosphere.
At Walt Disney World, increased guest spending reflected ticket
price hikes implemented a year earlier and higher attendance by
international and domestic tourists, both of whom spend more than
Reductions in special ticketing and promotions also fueled guest
spending at Walt Disney World and Disneyland.
Results for Walt Disney Co. were impacted by an after-tax charge
of $83 million -- or $0.04 cents per share -- for the write off of
its $114 million investment in aircraft leveraged leases with
United. Disney said it didn't believe that it would recover the
investment because of United's bankruptcy filing.
Meanwhile, Disney still has another $175 million tied into
aircraft lease investments with Delta and FedEx.
For the quarter, Disney's revenue increased 6% to $7.5 billion,
and net income and earnings per share were $256 million (versus
$438 million in fourth-quarter 2001) and $0.13 (versus $0.21),