Our focus on these overarching goals helped deliver improved performance during fiscal 2003, despite the continuation of an uncertain and difficult business climate. Although the economic environment had an adverse effect on the Parks and Resorts and Consumer Products segments, the diversity of Disney’s asset base, coupled with rigorous cost management in all of our businesses, helped mitigate the impact on the company as a whole and fueled Disney’s overall growth. On an as-reported basis before accounting changes, the company reported earnings of $0.65 for the fiscal year.¹ This figure represents solid growth versus the prior year, especially when one considers the $0.07 in gains on the liquidation of investments the company realized in 2002. As the economy continues to rebound, and barring unforeseen changes in the climate for our businesses, we are confident that continued execution of the company’s strategic and financial priorities outlined above will yield strong earnings growth in 2004.

¹A more detailed description of 2003 results can be found in the section of the Annual Report titled Management's Discussion and Analysis of Financial Condition and Results of Operations.