| Disney Profits Sky High
Strength at ESPN, improvements in the ABC television network and steady performance at Walt Disney World in Orlando helped Walt Disney Co. post a surprisingly strong 41 percent boost in profit in the third quarter. In his final earnings report as Disney's top boss, outgoing Chief Executive Officer Michael Eisner said Tuesday the diversified media-entertainment company is benefiting from long-term investments made in recent years and now is "extremely well positioned for ongoing growth." Profit rose to a record $851 million, or 41 cents a share, up from $604 million, or 29 cents, in the same period a year ago. Revenue rose 3 percent to $7.7 billion. Total profit in the quarter ended July 2 beat the 38-cent average estimate of 20 analysts surveyed by Thomson Financial. Disney President Robert Iger, who this fall is taking the reins at the Burbank Calif.-based media giant, said the parks and resort division's expansion internationally will help keep the momentum going as the company prepares to open Hong Kong Disneyland next month.
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Posted By: Ray @ 7:30 AM | 
