Sorry I have been a little lax in posting this week. It is the last week of summer session at college, and while I don't have any finals per say, I do have several papers due that have been eating into my Disney pontification and dreaming time.
Reuters news service out of the UK has posted an article today that more or less parrots what you and I talked about last week: namely that the market has already moved beyond the press event for earnings tomorrow barring any shocking revelations by Bob Iger or Tom Staggs.
As Disney reports its quarterly results this week, investors and analysts already are focused on the year's back half for signs that the company's astonishing profitability during the year-long economic downturn is faltering.
Expect the numbers at Parks and Resorts to be lower than last year for the same quarter for much the same reasons as Euro Disney's was (last year's quarter was longer and had the Easter holiday in it, where this year did not), but still up slightly.
The Studios is the wild card of course. People keep harping that Prince Caspian didn't make as much money as Pirates (this article does it too). But I think that's just wrong headed.
Certainly PC didn't do as well as Disney might have hoped, but I would submit that it was NEVER expected to do as well as any of the PoC movies. That's just silly. According to Box Office Mojo, Narnia had a $200 million budget, and made $302 worldwide.
If you believe what Jim Hill says that movies have to return twice what they cost before they are really in the money, then Narnia is a loss. However, I don't think that will entirely be the case since it more than recovered it's production costs anyhow, and we haven't yet factored in DVD sales, etc.
So the only question will be how head on Bob and Tom (hey, don't they have a morning radio show?) take on the future issues of bookings, etc. or if they mention it at all.
Time will tell.
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