Disney Announces 4Q Results, Executive Switch

The Walt Disney Co. has announced its financial results for the fourth quarter. Disney reported net income of $895 million, or 47 cents per share, a gain of 18 percent, compared with $760 million, or 40 cents per share, in the same period in 2008. Revenue rose to almost $9.9 billion, up 4 percent from $9.4 billion in the same period last year.

Disney Consumer Products reported a 28 percent decrease in operating income to $151 million, compared to $211 million a year ago. Revenue for the quarter dropped 12 percent to $646 million, compared to $735 million last year.

Walt Disney Pictures reported a $13-million loss for the fourth quarter, compared with operating income of $98 million in 2008.

Disney Interactive Media Group, which includes Club Penguin, reported a loss of $114 million for the quarter, compared to the loss of $120 million in 2008. Revenue for the group increased 8 percent this quarter to $157 million, compared to the fourth quarter in 2008, which reported revenue of $145 million.

Operating income for theme parks for the quarter fell 17 percent to $344 million, compared to $412 million last year.

The company also announced that CFO Tom Staggs will trade position with Parks and Resorts Chairman Jay Rasulo. CEO Robert Iger said the trade will give the executives broader experience.

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