The Walt Disney Companyannual report 2001
Introduction
Financial Highlights
Letter to Shareholders
Financial Review
Key Businesses
DisneyHand
Parks and Resorts
Walt Disney Imagineering
Studio Entertainment
Media Networks
Consumer Products
Walt Disney International
Financials
Board of Directors
Walt Disney Company and Subsidiaries
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Financial Highlights
(In millions, except per share data) 2001 2000

Revenues(1) $25,256 $25,356
Segment operating income(1) 4,038 4,124
Diluted earnings per share before the cumulative effect
of accounting changes, excluding restructuring and
impairment charges and gain on the sale of businesses(1)
0.72 0.72
Cash flow from operations 3,048 3,755
Borrowings 9,769 9,461
Stockholders' equity 22,672 24,100
(1) Pro forma revenues, segment operating income and earnings per share reflect the sale of Fairchild Publications, the acquisition of Infoseek, the conversion of Internet Group common stock into Disney common stock and the closure of the GO.com portal business as if these events and the adoption of SOP 00-2 had occurred at the beginning of fiscal 2000, eliminating the one-time impact of those events.