Disney Stock Information
Here's what Disney CEO Robert Igar had to say about the economy in a report to its stockholders and employees towards the end of 2009.
"It has been a very long time since our country has faced the kind of economic turmoil we are currently experiencing, and The Walt Disney Company, while strong, is certainly not immune to the difficult market conditions that exist today. With consumers spending more carefully and spending less, and advertisers doing the same, our media, consumer products and theme park businesses all face significant business challenges.
"I am confident our brands, products and people will pass the test that lies before them, but our businesses are all affected by an economic downdraft whose duration remains uncertain.
"We will continue to focus on what creates the most value for our shareholders: delivering high-quality creative content and experiences; balancing respect for our legacy with the demand to be innovative; and maintaining the integrity of our people and products. As stewards of our great Company, we have reason to be optimistic. But we must also be realistic, and it is this blend of realism and optimism that is guiding us during this tumultuous time.
"When signs of a weakening economy began to surface, our senior management team put in place measures to operate more efficiently and to invest even more prudently. We adopted marketing and pricing strategies designed to keep our products as attractive as possible, while at the same time underlining our commitment to quality. In this tough climate, even the most forceful measures are unlikely to compensate for the loss of business.
"In fiscal 2008, despite an economy that weakened as the year progressed, we delivered strong creative and financial results, posting record revenue and earnings per share.
"Highlighting our financial achievements, revenue hit an all-time high of $37.8 billion, a 7 percent increase over the previous year. Earnings per share, excluding certain items detailed in the footnote on the Financial Highlights section, were $2.27, up 18 percent from the previous year.
"As has been the case for many years, our financial success has been largely due to our creative achievements and in 2008, those achievements were numerous. I could mention many, but instead I'd like