X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORANGE COUNTY, CA-The Walt Disney Co. has been hard hit by the recent drop in tourism, as its fourth quarter profits have dropped 68% from the same period one year ago. The company has reported a net income of $53 million for fourth quarter 2001, as compared with $167 million for fourth quarter 2000.

Disney’s pro forma profit, which reflects the shuttering of Go.com and the sale of the Fairchild Publications division, stands at $132 million for fourth quarter 2001. This figure reflects a 60% decrease from fourth quarter 2000, when the company’s pro forma profit stood at $328 million.

Despite Disney’s efforts to reduce costs by cutting 4,000 jobs and closing unprofitable Internet ventures, the company has suffered a net loss of $158 million for fiscal 2001. The upcoming year doesn’t look much brighter, as Disney has predicted that operating income will fall 50% in the fiscal first quarter ending December 31.

Disney is already working to offset the drop in tourism, as earlier this week it unveiled a discount program at its Anaheim theme parks. The program, which is designed for Southern California residents, allows locals to buy two tickets for just $6 more than the cost of one. Two adult tickets now cost $49, while two tickets for children now cost $39.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.