Helped in part by affiliate fee and ad boosts at ESPN and by ABC TV's crop of hits, Disney reported a whopping 89% increase in fourth quarter revenues to 36 cents per share, up from 19 cents for the same quarter a year ago. It was helped by solid gains from the media networks, driven by cable.
Disney also recorded record earnings for 2006 at $1.64 per share, up from $1.22 in fiscal year 2005l, as well as record net income and cash flow, according to President Bob Iger.
Revenues for the quarter were $8,784,000, up 14% from $7,734,000 for fourth quarter 2005. Revenues for the year were $34,285,000, up 7% from $31,944,000 the year before.
Media revenues were up 11% to $14.6 billion for the year and up 12% to 3.6 billion for the quarter. Cable revenues for the year were $8 billion, up 10%, and broadcast revenues were up 12% to $6.6 billion. For the quarter, cable revenues were $2.2 billion, up 16%, and broadcast revenues were up 1% to $1.473 billion.
Cable's growth was pegged to ESPN, both advertising and affiliate fee revenues, offset somewhat by NFL and baseball rights and costs associated with its aborted mobile phone branding.
Broadcasting's increases were powered by improved ratings and upfront sales at ABC TV and Touchstone Productions, offset in part by Internet and pilot production costs and a downturn in radio.
Touchstone was helped by international and DVD sales of hits Lost, Grey's Anatomy, and Desperate Housewives, as well as syndication sales of Scrubs.