On that forward-looking note, let me segue from 2004 to 2005 and beyond.

We expect double-digit earnings growth in the new fiscal year and, equally important, we anticipate growth across all four of our business segments. And although our 2004 results surpassed even our own aggressive expectations, we continue to target double digit average compound earnings growth off this strong 2004 base through at least 2007.

An important driver of growth should be our global celebration of Disneyland's 50th anniversary. This is a monumental occasion and it will be commemorated in an appropriately monumental way. For the first time ever, we will be celebrating an anniversary at every one of our theme park locations. Disneyland will feature a new parade, new fireworks show and the addition of the terrific Buzz Lightyear’s Astro Blasters! attraction.At the Walt Disney World Resort, we'll welcome the Lights, Motors, Action! Extreme Stunt Show at the Disney-MGM Studios; the Soarin’ attraction at Epcot; the Lucky the Dinosaur Audio-Animatronics^® character at Disney’s Animal Kingdom; and the Cinderellabration musical spectacular at the Magic Kingdom. At Disneyland Paris, the fireworks spectacular Wishes will thrill Guests at night, and in Tokyo, Raging Spirits will take them through water, fire and then turn them upside down 360 degrees. Finally, on September 12th, we will open an entirely new theme park in an entirely new place (literally, since it’s sitting on some 113 million cubic meters of reclaimed land) – Hong Kong Disneyland.

It was on July 17, 1955 that Walt Disney unveiled something called Disneyland. No one had ever seen anything quite like it, and it created an entirely new category of entertainment, called the "theme park."

It also transformed this Company and proved in an incredibly dramatic way how great creative content can lead to other great creative content. Suddenly, there was a place where people could meet Mickey Mouse, could fly with Peter Pan and could visit Davy Crockett's wilderness frontier. Disneyland, in turn, led to even more creative success and growth with Walt Disney World, Tokyo Disney Resort, Disneyland Resort Paris and Hong Kong Disneyland.

continue to part IV of Letter to Shareholders >>

<< back to part II of Letter to Shareholders

Disney theme park Guests are dancing in the streets – literally – with their favorite princess, Cinderella.