The Walt Disney Company Press Release

The Walt Disney Company Reports Higher First Quarter Earnings

BURBANK, Calif., Feb 06, 2006 -- The Walt Disney Company (DIS):

-- EPS for the first quarter totaled $0.37 versus $0.33 in the prior-year quarter

-- The Company reported operating income growth at Parks and Resorts, Media Networks and Consumer Products, offset by lower results at Studio Entertainment

-- During the first quarter, the Company repurchased 49 million shares for approximately $1.2 billion

The Walt Disney Company today reported earnings for the first quarter ended December 31, 2005. Diluted earnings per share (EPS) for the quarter increased 12% to $0.37, compared to $0.33 in the prior-year quarter.

"I am encouraged by the solid momentum in our earnings and the financial and creative strengths that underpin these results," said Robert Iger, President and CEO of The Walt Disney Company. "We continue to focus on our strategy of creating the finest content, embracing leading edge technologies, and strengthening our global presence and in doing so, we are confident in our ability to deliver long-term success across each of our businesses. Our recently announced plan to acquire Pixar advances our efforts against each aspect of that strategy. In addition, today's announcement of our proposed combination of the ABC Radio business with Citadel Broadcasting underscores our commitment to maximizing the value of our assets for our shareholders, while focusing our capital and management resources toward our core businesses."

Full Report can be found here...

http://corporate.disney.go.com/inves...gs/2006_q1.pdf