In Fiscal Year 2003, our progress in expanding the company’s businesses, franchises and brands and leveraging new technological platforms helped drive a 36 percent increase in Disney’s stock price. During the same 12-month period ended Sept. 30, 2003, the S&P 500 appreciated 25 percent. From a longer term perspective, an investment of $1,000 in Disney stock in 1984 was worth $18,813 on Sept. 30, 2003, providing a 17 percent compound annual return over the 19-year period. A similar investment in the S&P 500 would have yielded $9,803 during the same period.

Looking forward, the company is focused on delivering long term returns to our shareholders that exceed the overall market and deliver on the inherent strength of the Disney assets. The recent challenging environment has diminished neither the appeal of Disney’s products nor management’s ability and commitment to continue improving the company’s performance. The company’s solid and well-tested brands, enduring character franchises and innovative approach toward the use of technology – under the stewardship of Disney’s experienced management team – offer potential for attractive long-term growth in earnings, cash flow and returns on invested capital.

Related Links:
Investor Relations Homepage