Disney Reports Solid Quarter -- Despite John Carter
That $300-million John Carter bomb that brought down Rich Ross, the head of Walt Disney Studios, turned out not to be the disaster that many analysts had reckoned it would be. According to the Disney Co.'s quarterly report, the company wound up with a 21-percent increase in profit during the quarter to $1.14 billion, from $942 million during the same quarter a year ago. Although the studio division posted an operating loss of $84 million, which included a $200-million write-off for John Carter , revenue from other units flooded in, including a 13-percent rise in profits by its cable TV brands, especially ESPN and The Disney Channel. Operating income at its theme parks rose a whopping 53 percent to $222 million. During a conference call with analysts and reporters, Disney chief Robert Iger predicted event stronger revenue growth for the parks during the current quarter as the company opens a 12-acre Carsland at Disney California Adventure, next to Disneyland in Anaheim, on June 15.