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 page one, 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 to highlight just three. This past summer, <strong>Disney</strong> •Pixar once again enthralled audiences around the world with an original, unique and memorable film. Wall •E was a commercial, creative and technological success. Director and writer Andrew Stanton and his team created a film for the ages and for all ages, and we are extremely proud of their work. As Americans turned out in record numbers to elect the 44th president of the United States, ABC News, led by anchors Charlie Gibson, Diane Sawyer and George Stephanopoulos, brought the right mixture of excellent reporting and thoughtful analysis to this memorable and historic election, capping months of insightful, interesting and energetic coverage of the American political process. Combining breakthrough technology with the fun of an old-fashioned midway game, Toy Story Mania! is a new Guest favorite. 4 Thanks to our Imagineers, at our parks in California and Florida we opened Toy Story Mania!, an engaging attraction that combines the wonder and lovability of the Toy Story characters with breakthrough technology. <strong>The</strong> result is yet another theme park experience that distinguishes our <strong>Company</strong> and causes people to say: “What will they think of next?” or, “Only <strong>Disney</strong> can do that.” Beyond these individual achievements, we continued to create and support several key franchises. <strong>The</strong>se are stories and characters that can be leveraged across many of our businesses, on many technological platforms, in many territories, and over long periods of time. While we continue to break new creative ground, our substantial investment in such great <strong>Disney</strong> franchises as Cars, Toy Story, Princesses, Pirates, Mickey Mouse, Winnie the Pooh, High School Musical and Fairies continues to drive strong returns, differentiates us from our competitors and builds long-term shareholder value. Not only do we possess a significant number of such franchises, but our ability to make the most of their success is unrivalled. This comes from a collection of great assets and a commitment to manage them as a whole that is worth far more than the sum of its parts. This defines <strong>Disney</strong> and, as we have been saying, creates the <strong>Disney</strong> Difference.
High School Musical 3: Senior Year had the biggest opening weekend ever for a movie musical. ABC’s Grey’s Anatomy continued to entertain viewers as one of TV’s top primetime shows. 5
- Page 2 and 3: LETTER TO SHAREHOLDERS FINANCIAL RE
- Page 4 and 5: 2 To the Shareholders and Cast Memb
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- Page 15 and 16: Concept art from Director Robert Ze
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- Page 19: January 2008 and proved to be the m
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- Page 29 and 30: newest fairy tale to join the Disne
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- Page 36 and 37: The View became an important campai
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- Page 43: ABC Family celebrated its most-watc
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- Page 49 and 50: million people tuned in to at least
- Page 51 and 52: Web site, Disney.com. Fueled by ori
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program. VoluntEARS last year alone
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MANAGEMENT’S DISCUSSION AND ANALY
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THE WALT DISNEY COMPANY AND SUBSIDI
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International Parks and Resorts At
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THE WALT DISNEY COMPANY AND SUBSIDI
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The Company’s Studio Entertainmen
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THE WALT DISNEY COMPANY AND SUBSIDI
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factors are used to determine the f
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FIN 48 In July 2006, the FASB issue
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CONSOLIDATED BALANCE SHEETS THE WAL
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CONSOLIDATED STATEMENTS OF SHAREHOL
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Segment operating results reflect e
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This statement requires recognition
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of television networks. We applied
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BALANCE SHEET DATA: June 12, 2007 A
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THE WALT DISNEY COMPANY AND SUBSIDI
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ates) of senior debt and €277 mil
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A reconciliation of the beginning a
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Equity securities include 2.8 milli
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The following table summarizes info
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hedged are the Euro, British pound,
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QUARTERLY FINANCIAL SUMMARY THE WAL
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MANAGEMENT’S RESPONSIBILITY FOR F
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Susan E. Arnold President-Global Bu
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