SBD/23/Finance

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  • DISNEY EARNINGS UP; COMPANY ANNOUNCES 3-FOR-1 STOCK SPLIT

              The Walt Disney Co. reported Wednesday that earnings
         rose 22% in its fiscal 2Q ended March 31 "as theme-park and
         ESPN operations more than offset lower creative content
         segment results and film write-downs," according to Jeffrey
         Daniels of the HOLLYWOOD REPORTER.  For the quarter, Disney
         earned $384M, or $0.55 a diluted share, up 22% from pro-
         forma net of $316M, or $0.46 a share, in the year-earlier
         period.  The latest quarter included a gain of $24M from the
         sale of its interest in Scandanavian Broadcasting System SA. 
         (HOLLYWOOD REPORTER, 4/23).  In N.Y., Bruce Orwall reports
         that Disney also announced a 3-for-1 stock split for
         shareholders of record May 1.  The split, to be effected by
         means of a special dividend, will "probably be completed in
         July" (Bruce Orwall, WALL STREET JOURNAL, 4/23).
    
    

    Print | Tags: ESPN, Finance, Walt Disney
  • REEBOK'S FIRST QUARTER PROFITS FALL 49 PERCENT

              Reebok Int'l said Wednesday that its first-quarter
         profit fell 49% and company officials "predicted another
         tough quarter ahead with no improvement expected until
         autumn at the earliest," according to Gregg Krupa of the
         BOSTON GLOBE.  Net income fell from $40.2M, or $0.69 per
         share, in 1Q '97 to $20.3M, or $0.36 per share in 1Q '98. 
         Net sales were down from $930M in 1Q '97 to $880.1M.  Krupa
         writes that Reebok's performance was "about what analysts
         had expected."  Reebok Exec VP Operations & Finance Kenneth
         Watchmaker: "We're not writing off 1998, but we are
         realistic about our position." Reebok stock closed yesterday
         at 31 9/16 per share, down 7/8 (BOSTON GLOBE, 4/23).
    
    

    Print | Tags: Finance, Reebok
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