Disney Touched By Tinkerbell
The Walt Disney Co. said Wednesday that its third-quarter profit increased 4.7 percent to $1.18 billion from $1.13 billion during the same period a year ago. The better-than-expected lift in earnings came despite a 20-percent plunge in profits at the company's movie studio. Complying with accounting requirements, the company had to report the full cost of its animated Ratatouille but could include profits from the film for only the final two days of the quarter, when the film opened. Reflecting the continued decline of the dollar against foreign currencies, Disney saw a 13 percent rise in ticket sales at its theme parks as overseas visitors poured into the country. Profits at its broadcasting division, which includes the ABC radio and TV networks and the ESPN Radio and Disney radio networks, and its cable channels, including ESPN and the Disney Channel, increased about 9 percent.