Film Unit Drags Disney in Q1

Media giant posts modest gains in cable, broadcast nets

By Mike Farrell, Multichannel News -- Broadcasting & Cable, 2/5/2013 4:58:41 PM

Overall revenue rose 5% for Walt Disney Co. in the fiscal first quarter, but losses at its film studio in the period more than erased modest gains at its cable and broadcast networks.

Disney reported overall revenue of $11.3 billion in the period ended Dec. 29, up 5% from $10.8 billion in the prior year. Net income for the period fell 6% to $1.38 billion (77 cents per share) and free cash flow declined 46% to $599 million from $1.1 billion a year earlier.

Despite the declines, Disney beat most analysts' expectations for the quarter, reflected in its shares rising 1.7% (93 cents each) to $55.22 each in after-hours trading Tuesday.

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