Disney Profits Up; ABE Radio Deal Sealed

The media giant's first quarter beats expectations despite a drop in studio earnings.

By Kim Christensen, Times Staff Writer

Full story at http://www.latimes.com/business/la-f...,1694705.story

Disneyland's 50th-anniversary celebration helped boost Walt Disney Co.'s fiscal first-quarter profit by 7%, despite a sharp drop in its movie studio earnings.

Television operations and consumer products also made strong showings, the Burbank media giant said Monday, the same day it announced it would merge its ABC Radio stations with Citadel Broadcasting Corp.

Disney's net income for the quarter ended Dec. 31 rose to $734 million, or 37 cents a share, from $686 million, or 33 cents, a year earlier. Not counting the gain from the sales of a cable television equity investment and a magazine business, the per-share profit of 35 cents still beats Wall Street's expectations by a nickel. Sales of $8.85 billion were up 2%, also surpassing analysts' consensus predictions.