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November 22, 2005
Disney's net income down 26 percent
In the final earnings report reflecting Michael Eisner's long reign as chief executive at the Walt Disney Co., the entertainment giant on Thursday reported higher revenue and profit but a weak ending to the record fiscal year. Despite a strong performance at Walt Disney World and from ABC and ESPN, fourth-quarter profit slipped 27 percent as a result of charges, including the expensing of stock options, and soft box-office results. Poor showings by films such as Dark Water and The Brothers Grimm drove the film unit to its biggest loss in at least six years.
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