Our strategic focus on creativity and innovation translates directly into an impressive financial performance. For the 2007 fiscal year, Disney’s revenue hit an all time high of $35.5 billion, a 5 percent increase over the previous year. Net income rose 39 percent to $4.69 billion, driven by growth at our Media Networks, Studio Entertainment and Parks and Resorts segments. Earnings per share, excluding certain items, grew by 24 percent to $1.92. We also delivered $3.8 billion in free cash flow and repurchased over 200 million shares of Disney stock for approximately $6.9 billion.
While we are extremely gratified by our financial performance this past year, we are also focused on delivering long-term shareholder value and on making the right investments to sustain growth, as well as superior returns and our competitive advantage.
Maintaining a strong balance sheet will continue to allow us to take advantage of opportunities, but any acquisitions and their timing will be based on sound financial and strategic logic as well as the long-term value of the acquisition to Disney.
We don’t take our position for granted. We live in a challenging and dynamic environment and feel it is imperative to apply operational and financial discipline and to manage costs carefully. While we look forward to continued artistic success, we also continuously seek ways to manage our creative processes and our Company more efficiently.
Top: Dreams come true every day at Disney theme parks around the world.
Bottom: The Little Mermaid stage play debuted on Broadway in January 2008.
