Walt Disney Co. reports revenues down

BURBANK, Calif. -- The Walt Disney Company reported revenues for its parks and resorts division fell 17% to $1.4 billion and operating income sunk 51% to $187 million during the fourth quarter 2001.

The company said results reflect lower attendance, spending and hotel occupancy at the Walt Disney World Resort in Orlando due to cancellations, deferrals and reduced spending after Sept. 11.

Also reflected in the results are higher costs at Disneyland due to the addition of California Adventure and other resort expansion last year.

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