The NBA Jeff Ayres jerseys Walt Disney Company's cheap nba jerseys paypal CEO Discusses F2Q13 Results

Hello and welcome to Q2 2013 Walt Disney Company Earnings Conference Call. My name is Mellissa 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. ( Instructions) Please note this conference is being recorded. I will now turn the call over to Lowell Singer, Senior Vice President of Investor Relations. Mr. Lowell, you may begin.Thank you. Good afternoon, everyone. Welcome to the Walt Disney Company's second quarter 2013 earnings call. We issued our press release about 45 minutes ago. Today's call is being webcast and we will post a transcript to our website after the call.Joining me in New York 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 make some comments followed by Jay and then we will be happy to take some questions. So with that let me turn the call over to Bob.Thank you very much, Lowell and good afternoon everyone. We had a strong second quarter with earnings per share up 36% over last year when adjusted for comparability, driven primarily by studio, parks and resorts, and media networks. We are pleased with our overall performance, confident in our strategy and thrilled with the stock price that keeps reaching new record highs.Of course it's great to announce such a strong earnings just after we are rolling another Marvel blockbuster, Iron Man 3, which had incredible domestic opening with almost $175 million. That makes it the second biggest opening weekend of all times surpassed only by The Avengers. So to date the global box office for Iron Man 3 is more than $711 million. We are proud of this movie and thrilled with its performance. The Avengers franchise is certainly strong today but we have a lot more to come with, Thor: The Dark World in November, Captain America: The Winter Soldier next year, and The Avengers 2 in 2015.On the animation front, Pixar continues to create great value for our company too. We are very excited about Monsters University which opens next month. Pixar's slate of films for the next five years includes fantastic original stories as well as some great sequels to their previous hits. And as we recently announced, we are in production on one of those sequels, Finding Dory, featuring Ellen DeGeneres once again as the voice of Dory, one of the most beloved characters from Finding Nemo which was one of the most popular and profitable movies to date.On to Lucasfilm, our integration is well underway and based on our success with Pixar and Marvel, we're confident we can drive great value from this acquisition. In addition to the Star Wars feature films that we've already talked about, we're also working on opportunities for television and our parks. It's still very early in the process. We'll announce details as these developments evolve.In the meantime, with great ten fold features like Iron Man 2 and Monsters University, followed by Johnny Depp as Tonto in the Lone Ranger in July, our studio has delivered an incredibly strong slate of movies and we have a lot more to look forward to.As I mentioned earlier, Parks and Resorts contributed significantly to our results this quarter as the investments we've made in our domestic and international parks over the last several years begin to drive growth. We've completed the phenomenal transformation of Disney California Adventure, added two spectacular new cruise ships and we're well into our historic expansion of Fantasy Land as well as Disney World. And later this month we'll complete our recent expansion of Hong Kong Disneyland with the opening of another new Land.In Q2 Walt Disney World and the Disneyland Resort both set new attendance records for the quarter. Attendance in our Disneyland resort is now more evenly split between Disneyland and California Adventure, a strategic goal of our investment in that expansion. And in Hong Kong Disneyland, the addition of new lands and attractions also continue to drive strong performance.Cable Networks were another important contributor to our results this quarter. As I mentioned on our last call, with 30,000 hours of sports programming across all platforms every year, long term rights to the marquee events, ESPN is still the most must have brand for sports fans. And we just announced a 20 year agreement between ESPN and the Southeastern Conference to create and operate a national multi platform network airing SEC content 24/7. ESPN has been covering the SEC since 1982 and this new network will provide an unparalleled SEC fan experience with live sports coverage as well as studio shows and original programming. The new network launches in August 2014 and will serve SEC fans as well as multi channel distributors and advertisers who want to reach them.Our Kids Television portfolio is also doing extremely well and Disney Channel continues to be our biggest and most effective global brand builder and content engine, bringing Disney directly into hundreds of millions of homes around the world. We leveraged that strength to successfully launch Disney XD in multiple new markets and more recently the launched Disney Junior which now reaches almost 400 million homes in 166 countries. Disney Junior is beating Nick Junior's ratings by double digits in almost every category and beating Sprout's ratings by triple digits across the board. As an emerging franchise driver for our company, the success of Disney Junior goes far beyond television. Disney Junior branded products have a strong and rapidly growing presence in the preschool retail space, with retail sales expected to increase by 80% to $1.5 billion in the current fiscal year.Finally, turning to Disney Interactive, yesterday we announced the new gaming agreement with Electronic Arts to deliver and publish several new games based on the epic Star Wars franchise. As you know, EA is one of the world's premier developers of mobile, tablet, console and PC games and this multi year, multi title and multi platform agreement will allow us to bring great new Stars Wars game experiences to the core gaming audience. We're already planning the first titles from this agreement and we look forward to announcing them with EA soon. And as part of this deal, Disney retains rights to develop new titles within mobile, social, tablet and online gaming categories as cheap nba jerseys for sale well as the right to develop new titles for the Asian gaming market.So overall we feel great about what we achieved in Q2. We have an effective strategy and we're looking forward to what's ahead. It's an exciting time at Disney, driven by high quality creative content and our unparalleled ability to leverage it for continued long term growth.I'm now going to ask Jay to review the details of our performance and then we'll take your questions. Jay?Thank you Bob and good afternoon everyone. We delivered another quarter of excellent financial performance, with segment operating income up NBA jerseys 29% on revenue growth of 10%. Earnings per share excluding items effecting comparability were up an impressive 36%. These results demonstrate the ongoing successful execution of our strategy and our ability to monetize our assets, and the performance of recent investments in our parks and resorts and business. Let me spend a few minutes discussing our second quarter in more detail and then I will highlight some factors that may influence our performance for the third quarter.Growth at media networks was due to increased operating income from our cable networks, partially offset by a decline in our broadcasting business. The performance of our cable business in the second quarter reflects the benefit of new affiliate agreements resulting in total cable affiliate revenue growth in the low teens or almost 10% when adjusting for the impact of revenue deferral timing at ESPN and foreign exchange rates. Operating income at cable increased 15% on revenue growth of 9%, primarily due to growth at ESPN.Results at ESPN were driven by increased affiliate and advertising revenue partially offset by increased programming and production costs. The increase in programming costs were related to contractual rate increases for college football and college basketball rights. During the second quarter ESPN deferred $70 million in affiliate revenue compared to last year, which benefited reported revenue. In the third quarter, ESPN will recognize $73 million less in net deferred revenue than in the prior year, which will have an unfavorable impact on Q3 reported revenue. I will remind you these changes have no impact on full year results.ESPN ad revenue was up 4% in the second quarter primarily due to higher units sold and higher rates. So far this quarter, ESPN's ad revenue, ad sales are pacing up more than 10%. At broadcasting, lower operating income in the quarter was due to higher cost write offs for underperforming shows and increase in prime time programming costs for acquired programming and a decline in ad revenue at the ABC network, partially offset by an increase in ad revenue at our own stations. The decline in ad revenue at the network was due to lower ratings partially offset by higher rates and an increase in online advertising.Ad revenue at the ABC Network was down low single digits compared to the prior year. Quarter to date scatter pricing at the ABC Network is running more than 25% above upfront levels. Ad revenue at the stations was up 5% during the second quarter and so far in Q3, TV station ad sales are pacing down single digits versus prior year.Or parks and resorts segment delivered an impressive quarter with the revenue up 14% and operating income up 73%. The increase in operating income was primarily due to growth in domestic operations as a result of higher guest spending and attendance at Walt Disney World and the Disneyland Resort, and higher passenger cruise days given a full quarter of operation for the Disney Fantasy. These increases were partially offset by higher cost which were primarily due to growth initiatives. For the quarter, attendance at our domestic parks was up 8% and per capita spending was up 10% on higher ticket prices, food and beverage and merchandize spending.Average per room spending at our domestic hotels was up 7% and occupancy was down 2 percentage points to 80% due to an increase in available room nights at Walt Disney World. So far this quarter, domestic resort reservations are pacing up 7% compared to prior year levels, while book rates are comparable to prior year levels. Higher operating income at our international operations reflects higher guest spending at Disneyland Paris and increased attendance at Hong Kong Disneyland Resort, partially offset by low results from Tokyo Disney Resort, reflecting the absence of business interruption insurance proceeds that we collected last year.Total segment margins were up almost 400 basis points in the second quarter compared to the prior year, and were favorably impacted by about two percentage points due to the timing of New Year's and Easter holidays. While operating income in the second quarter was aided by a portion of the New Year and Easter holidays falling in Q2, relative to when those holiday periods fell last year, the results also reflected improved attendance and spending throughout the period and the growth investments we have made over the past couple of years are performing well.Studio entertainment operating income improved significantly in the quarter due to lower film write offs compared to prior year and improvement in our worldwide theatrical results due to the strong performance of Oz The Great And Powerful and Wreck it Ralph compared to John Carter last year.At Consumer Products, the increase in operating income resulted from higher performance in Merchandise Licensing and retail. The increase in Licensing is due to higher revenue from Disney Channel standard character and Marvel merchandize, partially offset by lower revenue from Cars merchandise as well as the resolution of a licensee audit. On a comparable basis, earned licensing revenue was up low single digits versus last year. the performance of our retail business was driven by higher comp store sales in North America and Japan as well as higher online sales in North America.Results at our Interactive business improved this quarter due to higher operating income from our Japan mobile business, increased sales of mobile games and lower purchase accounting impact at our social games business.As we look to the third quarter, I'd like to highlight a few factors that will impact our results, most of which are timing related. At Parks and Resorts, the timing of the Easter holiday will adversely impact our Q3 results as only one week of the two week holiday fell in Q3, whereas the entire holiday period fell in Q3 last year. we estimate the adverse impact of the Easter holiday shift on Q3 to be about $35 million.

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