DirecTV Renews NFL Sunday Ticket CBS To Air Verne Lundquist Documentary Betting Bill Moving Through N.J. Legislature A-B Sponsoring MLB Fan Cave Event Power Five Conferences Submit Reform Proposals Danica's Car To Sport Pink Paint LeBron Plays In Cavs Scrimmage Record Crowd At PNC For Wild Card NFL's Lenient Domestic Violence Record PodcastOne Adds "The Rich Eisen Show"
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).
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).