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Disney 2nd-Qtr Profit Rises 12% on Theme Parks, ABC (Update3)
May 9 (Bloomberg) -- Walt Disney Co., the No. 2 U.S. media company, said second-quarter profit rose 12 percent, boosted by sales gains at theme parks and the ABC broadcast network.
Net income rose to $733 million, or 37 cents a share, from $657 million, or 31 cents, a year ago, Burbank, California-based Disney said today in a statement. Sales advanced 2.5 percent to $8.03 billion in the period ended April 1.
Film distribution costs fell because there were fewer Miramax releases during the quarter, the company said. Disney also had more high-margin films where the studio didn't put up as much of the production costs, Sanders Morris's Miller said.
Operating profit at Disney's consumer products unit, which includes products licensed to retailers, fell 8 percent to $104 million from $113 million. Sales fell 3 percent to $451 million.
Disney is in production with ``Toy Story 3'' and may do other sequels of Pixar films, Iger said on the call. He said he's ``being careful'' about Pixar's output so quality isn't diminished.
(A replay of Disney's conference call is available at (1)(888) 286-8010 or (1)(617) 801-6888 using passcode 67491925.)