It appears that the Walt Disney Company has suffered more damages than at first reported by me in my report about Oklahoma's own amusement park, "Frontier City", and how it plans to survive the difficult economy during the summer.
Disney reported last Tuesday that its second-qaurter net income fell 46 percent, possibly caused by an underperforming movie slate and the impact of the recession on its theme parks.
Disney's profit in the quarter through March 28 was $613 million, down from $1.13 billion the year before.
Revenue also fell 7 percent.
There's been a 97 percent drop in movie profits. The company booked $305 million in charges for the quarter. "Confessions of a Shopaholic", "Bedtime Stories", and "Race to Witch Mountain" all had disappointing turnouts for the family entertainment giant.
Attendance at Disney's major parks has also declined, falling 1 percent at Walt Disney World in Orlando, Florida but up to 2 percent at the Disneyland parks in Anaheim, California.
Overall, spending per visitor to U.S. parks fell 6 percent.
Disney announced last week it would allow older Disney movies and ABC shows available on Hulu.com, while adopting an equity stake with NBC Universal and News Corp.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment