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Technology Stocks : Walt Disney

DIS 103.41

+0.1%

Nov 26 3:59 PM EST

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To: Rob C. who wrote (1919)	11/5/1999 12:13:00 PM
From: Wally Mastroly	of 2222

Weak earnings change Disney's focus Disappointed by weak earnings, Walt Disney CEO Michael Eisner told Wall Street on Thursday that the company will curtail its aggressive growth and concentrate on strengthening its core assets. After markets closed, Disney reported that earnings for its fiscal year fell 22% to $1.4 billion, or 66 cents a share. Revenue increased 2% to $23.4 billion. For its fourth quarter, Disney earned $212 million or 10 cents a share, a 38% decline. The results included a $132 million or 4 cent-a-share charge for the closing of its Club Disney stores and other administrative costs. Results for the year and quarter met the consensus estimate by First Call analysts. Eisner also says the company's earnings next year will be "in line with this year's." That concerned analysts. "A flat year in 2000 doesn't excite me. But it's what we're expecting," says analyst Allan Gould of Gerard Klauer Mattison & Co. Its stock was down almost 6% in early trading Friday. usatoday.com

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