Walt Disney Co. net income down to $942 million

PanARMENIAN.Net - Walt Disney Co., the world's biggest theme-park operator, said second-quarter profit fell 1.2 percent, missing estimates, as a shrinking box-office, a park shortfall and the Japanese tsunami overshadowed gains in TV.

Net income decreased to $942 million, or 49 cents a share, in the quarter ended April 2, from $953 million, or 48 cents, a year earlier, Burbank, California-based Disney said in a statement. Advance bookings at Disney parks are down 2.5 percent from a year earlier, Chief Financial Officer Jay Rasulo said on a conference call.

Revenue at Disney's media networks increased 12 percent to $4.32 billion, buoyed by advertising and affiliate revenue at cable networks such as ESPN. Profit rose 17 percent to $1.52 billion, with cable earnings up 15 percent.

Profit in consumer products increased 6.8 percent to $142 million as sales expanded 5 percent to $626 million, Bloomberg reports.