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In order to manage successfully through the challenges that 2002
presented, Disney remained focused on growing the strength of its
brands and share of market and on delivering outstanding creative
content within an appropriate financial framework.1
Despite the economic downturn, 2002 represented a positive turning
point for Disney, marking both the end of a five-year period of
aggressive capital investment in theme parks and the point when
longstanding efforts to strengthen key business segments, including
Studio Entertainment and Consumer Products, began to bear fruit.
The company’s efforts to rationalize its cost base, coupled
with a focus on the creation of shareholder value, also established
2002 as the starting point for the next phase of Disney’s
growth. As the economy rebounds, management believes that the company
is in a strong position to deliver growing earnings and cash flow
as well as steady increases in capital returns. In fact, the company
expects to deliver earnings growth for 2003 that is 25-35 percent
above the $0.532 posted in fiscal
2002.
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