raidermatt
Be water, my friend.
- Joined
- Sep 26, 2000
The 3rd quarter (for Disney) earnings call was this afternoon, and Disney met analysts projections for earnings per share, coming in at 18 cents per share. However, they downgraded expectations for the 4th quarter. (and the stock has subsequently dropped 8% in after hours trading...)
Here's a link to the press release (click on 3rd quarter 2002):
Press Release
On the call, Disney said its domestic park attendance was down 6% from 3Q '01. This is the same drop as in the 2Q. However, they said that 2Q was actually a little worse than that, while 3Q was a little better due to Spring Break being in different quarters (3q in 2001, 2q in 2002).
Occupancy at WDW was "flat", while it was "off slightly" at DLR. Tokyo Disneyland Resort was deemed a "smashing success", even though they had seen some recent slowness due to the World Cup. (if they say so...)
The new park in Paris experienced "lower than expected" attendance, though they said guest surveys were extremely positive.
Reservations for the 4Q at both domestic sites (I believe) are down about 10% from where they were this time last year. They did say that the booking window has dropped to 14-30 days.
There were several interesting questions, one of which I thought was paticularly interesting. An analyst referenced a Municipality of Orange County (CA) report that said domestic tourism into Orange County was up 4% for the year. He said this was out of whack with what Disney was saying about the results for DLR. Here was the response from Iger or Staggs (I removed the "uhs", "ums", etc):
I think what youre looking at is a trailing statistic and in fact domestic tourism was up for our second quarter at the theme parks, so I dont think its necessarily in conflict with what youre seeing. With a little bit, as we discussed, were seeing a little bit of softness in that today. But given that youre looking at a trailing statistic, it does not seem out of whack to me. By the way, the same can be said of the WDW statistics.
What? The only thing I can think of is they meant that the statistic only went through 1Q of this year (Disney's 2Q). Spring Break was in Disney's 2Q, and I believed they reported that DLR attendance was up for 2Q, though they qualified it with the Spring Break comment at the time.
Does anybody know anything about this Orange County (CA) report? What time period did it cover? I'll see what I can find, but if anybody can post a link, that would be great...
Here's a link to the press release (click on 3rd quarter 2002):
Press Release
On the call, Disney said its domestic park attendance was down 6% from 3Q '01. This is the same drop as in the 2Q. However, they said that 2Q was actually a little worse than that, while 3Q was a little better due to Spring Break being in different quarters (3q in 2001, 2q in 2002).
Occupancy at WDW was "flat", while it was "off slightly" at DLR. Tokyo Disneyland Resort was deemed a "smashing success", even though they had seen some recent slowness due to the World Cup. (if they say so...)
The new park in Paris experienced "lower than expected" attendance, though they said guest surveys were extremely positive.
Reservations for the 4Q at both domestic sites (I believe) are down about 10% from where they were this time last year. They did say that the booking window has dropped to 14-30 days.
There were several interesting questions, one of which I thought was paticularly interesting. An analyst referenced a Municipality of Orange County (CA) report that said domestic tourism into Orange County was up 4% for the year. He said this was out of whack with what Disney was saying about the results for DLR. Here was the response from Iger or Staggs (I removed the "uhs", "ums", etc):
I think what youre looking at is a trailing statistic and in fact domestic tourism was up for our second quarter at the theme parks, so I dont think its necessarily in conflict with what youre seeing. With a little bit, as we discussed, were seeing a little bit of softness in that today. But given that youre looking at a trailing statistic, it does not seem out of whack to me. By the way, the same can be said of the WDW statistics.
What? The only thing I can think of is they meant that the statistic only went through 1Q of this year (Disney's 2Q). Spring Break was in Disney's 2Q, and I believed they reported that DLR attendance was up for 2Q, though they qualified it with the Spring Break comment at the time.
Does anybody know anything about this Orange County (CA) report? What time period did it cover? I'll see what I can find, but if anybody can post a link, that would be great...