• The New York Times, Wednesday, February 6, 2008 11:45 AM

The Walt Disney Company says the weakening economy is not affecting its television advertising sales or its robust theme park business. Disney has been trying to convince Wall Street that it stands apart from other media companies because of its ability to profit from its brands and properties across multiple business lines. CEO Robert A. Iger hammered home that message yesterday while reporting fiscal first-quarter results.

Because Disney's theme parks--a $10 billion annual business--have faltered during previous recessions, investors and the press have been scrutinizing their performance for clues about the broader health of the economy. Thomas O. Staggs, Disney's CFO, says that room reservations at Disney's domestic resorts are running "modestly ahead" through the summer compared with last year.

For the fiscal quarter ending Dec. 29, Disney reported net income of $1.25 billion, or 63 cents a share, a 27% decline from $1.68 billion, or 79 cents a share, a year earlier. Last year's results, however, were helped by several one-time gains.

Read the whole story at The New York Times »