Disney's movie studio leads the way in quarterly profit growth for company [Updated]
Walt Disney Co. posted a 54% jump in net income for the quarter ended Jan. 1, with its previously struggling movie studio leading the way.
Operating income for Walt Disney Studios also jumped 54% to $375 million during the company's first quarter, the highest percentage growth of any of segment. The company attributed the increase to higher international DVD sales of "Toy Story 3" compared to "Up" the prior year, as well as cost-cutting.
Revenue for the studio was flat at $1.9 billion.
Television remained the biggest business for Disney, with revenue up 11% to $4.6 billion and operating income up 47% to $1.1 billion.
The Burbank company's interactive media unit, which recently laid off staff amid a restructuring, again lost money. Its operating loss widened 30% to $13 million.
In total, Disney reprted a 10% increase in revenue to $10.7 billion and 54% growth in net income to $1.3 billion.
The bottom line was helped by the sale of Miramax to a consortium of private investors led by Colony Capital and Ron Tutor. Disney recorded a $75-million gain on sales of businesses, most of which was attributed to Miramax.
-- Ben Fritz
[Update, 3:10 p.m.: A previous version of ths post incorrectly said that Walt Disney Studios' operating income for the quarter was $468 million. That was in fact the operating income of the company's parks and resorts division.]