The corporate parent of the ABC, ESPN and ABC Family networks reported net income of $364 million, down 7% from $392 million a year ago, on revenues of $5.8 billion, down 2.8% from $6 billion last year. On a pro-forma basis -- factoring out accounting changes, the acquisition of ABC Family and the shutdown of its Go.com Internet unit -- Disney's revenue was down 6% and net income down 62%.
In a conference call,
Michael Eisner, Disney's chairman-CEO, said the company expects to improve results shortly, as the economy picks up and ABC unveils its new fall season.
He said ABC sold 85% of its inventory during the recent upfront market and added he expects most of those holds will be turned into firm orders on the strength of fall season's programming schedule.