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Walt Disney Co DIS
Q4 2012 Earnings Call Transcript

Transcript Call Date 11/08/2012

Operator: Welcome to the Walt Disney Company's Fiscal Full Year and Fourth Quarter 2012 Earnings Conference Call. My name is Ellen, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Please note that this conference is being recorded.

I will now turn the call over to Mr. Lowell Singer, Senior Vice President, Investor Relations. Mr. Singer you may begin.

Lowell Singer - IR: Okay. Thank you, Ellen, and good afternoon everyone. Welcome to the Walt Disney Company's fourth quarter 2012 earnings call. Our press release was issued about 45 minutes ago and is available on our website at www.disney.com/investors. Today's call is also being webcast and we will post the webcast and a transcript of the call to our website later.

Joining me in Burbank for today's call are Bob Iger, Disney's Chairman and Chief Executive Officer; and Jay Rasulo, Senior Executive Vice President and Chief Financial Officer. Bob will lead off, then Jay will make some comments and then of course, we'll be happy to take your questions.

So with that, I will turn it over to Bob and we'll get started.

Robert A. Iger - President and CEO: Thank you, Lowell and good afternoon everyone. I'm very happy to report that Disney has delivered yet another record annual performance. Driven by improved results in each of our businesses in the fiscal 2012 year, Disney achieved record revenue, net income and earnings per share. Net income was up by 18% for the year on a 3% increase in revenue and our earnings per share adjusted for comparability were up 21% over last year.

I'm also very pleased with our fourth quarter results, which were primarily driven by growth at Cable Networks and Parks and Resorts. Net income grew by 14% and revenue was up 3% for the quarter and our EPS for Q4 adjusted for comparability grew 15% to $0.68. These results once again demonstrate our ability to grow earnings in the near-term while investing for the long term and we are obviously proud of our performance.

Before I get into the highlights of fiscal 2012, I just want to mention the tremendous creative resurgence we are seeing at Disney Animation. Building on the success of Tangled, our newest release Wreck-It Ralph just had a phenomenal opening weekend, bigger than any previous Disney animated movie. With $58.6 million in domestic box office so far, Wreck-It Ralph continues the creative momentum that started with our acquisition of Pixar. The Pixar deal brought us more than just great Pixar movies. It also reinvigorated our entire Animation pipeline led by the great team of John Lasseter and Ed Catmull.

Looking back fiscal 2012 was a great year for Disney by every measure, creatively, financially and strategically. Marvel had a fantastic year capped by the extraordinary success of The Avengers which became the world's third highest grossing movie of all-time, a global phenomenon and an incredibly important franchise for us. Pixar also generated a great deal of value for us this year from the opening of the phenomenal Cars Land to transform Disney California Adventure into an extraordinary Park to the opening of Brave, which became Pixar's 13th consecutive movie to debut Number One at the box office.

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