walt disney co/the (DIS) Key Developments
The Walt Disney Company Names Jonathan S. Headley as Senior Vice President and Treasurer
Sep 1 15
Jonathan S. Headley has been named Senior Vice President and Treasurer of The Walt Disney Company. In his new role, Mr. Headley will be responsible for the management and oversight of the company’s global treasury functions including corporate finance, liquidity management, capital markets and banking activities, financial risk management, enterprise project and structured finance, pension and investments, decision support, enterprise consumer payments and global cash management. Mr. Headley most recently served as Senior Vice President, Corporate Finance and Assistant Treasurer. Mr. Headley joined the corporate finance team in 1996 as a Senior Analyst, and went on to assume roles of increasing responsibility within the department. He served as Treasurer of Hong Kong Disneyland during the park’s development, and in 2004 he was named Assistant Treasurer of The Walt Disney Company.
The Walt Disney Company Provides Earnings Guidance for the Fiscal Year 2016
Aug 4 15
The Walt Disney Company provided earnings guidance for the fiscal year 2016. For the year, the company expects that due to strength of the U.S. dollar versus a number of key foreign currencies adversely impact operating income by approximately $500 million. The company expected to grow both domestic cable affiliate revenue and cable operating income by high single digits on a compounded annual basis between fiscal 2013 and fiscal 2016. Due to the lower subscriber levels, now expect domestic cable affiliate revenue to fall a bit short of previous expectation though still in the high single-digit range. Now expect this lower affiliate revenue and the multiyear impact of foreign exchange rates to moderate the cable operating income growth to mid-single digits during the fiscal 2013 to 2016 period.
The Walt Disney Company Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 27, 2015
Aug 4 15
The Walt Disney Company reported unaudited consolidated earnings results for the third quarter and nine months ended June 27, 2015. For the quarter, the company reported revenues of $13,101 million compared to $12,466 million a year ago. Free cash flow was $1,652 million compared to $2,047 million a year ago. Segment operating income was $4,120 million compared to $3,857 million a year ago. Net income was $2,483 million compared to $2,245 million a year ago. Cash provided by operations was $2,808 million compared to $2,936 million a year ago. Diluted EPS was $1.45 compared to $1.28 a year ago. Income before income taxes was $3,962 million compared to $3,670 million a year ago. Net income attributable to the company was $2,483 million compared to $2,245 million a year ago.
For the nine months period, the company reported revenues of $38,953 million compared to $36,424 million a year ago. Free cash flow was $4,520 million compared to $4,427 million a year ago. Segment operating income was $11,147 million compared to $10,230 million a year ago. Net income was $6,773 million compared to $6,002 million a year ago. Cash provided by operations was $7,581 million compared to $6,675 million a year ago. The increase in cash provided by operations was due to higher segment operating results and the impact of changes in payment terms for certain sports rights in fiscal 2014, partially offset by increased income tax payments. Diluted EPS was $3.95 compared to $3.40 a year ago. Income before income taxes was $10,644 million compared to $9,785 million a year ago. Net income attributable to the company was $6,773 million compared to $6,002 million a year ago. Investments in parks, resorts and other property were $3,061 million compared to $2,248 million a year ago. Capital expenditures increase is primarily due to higher construction spending for the Shanghai Disney Resort.
Walt Disney Eyes Acquisitions
Aug 2 15
The Walt Disney Company (NYSE:DIS) does not rule out future acquisitions. Chief Executive Officer, Bob Iger told CNBC last week that he “wouldn’t rule out” future acquisition. He stated that the company would be interested in buying high-quality branded content companies, citing "Marvel, Lucas, Pixar as good examples." Additionally, he would also look to add technology to beef up its competitive edge, as well companies that increase its global footprint.
Sky Faces European Commission Competition Objections over Geoblocking
Jul 24 15
The European Commission has accused Sky and major US studios of anti-competitive behaviour for blocking access to Sky services in the rest of Europe. The EC sent a statement of objections to Sky and the studios Disney, NBCUniversal, Paramount Pictures, Sony, Twentieth Century Fox and Warner Bros, outlining its concerns about clauses in their content licensing deals that prohibit EU consumers located elsewhere to access, via satellite or online, Sky's pay-TV services available in the UK and Ireland. The case represents a clear test of the EC's plans to end so-called geoblocking, where content is limited to specific countries, and reform EU copyright law to allow for cross-border, multi-country distribution of audio and video content. Sky and the studios will have the chance to respond to the EC's allegations before the Commission decides to bring formal charges of competition violations.