($ in millions, except per share amounts)	2004(1)(2)	2005(1)(2)	2006(1)(2)	2007(1)(2)	2008(1)
Revenues
Media Networks	$11,299	$12,722	$14,186	$15,104	$16,116
Parks and Resorts	7,750	9,023	9,925	10,626	11,504
Studio Entertainment	8,713	7,587	7,529	7,491	7,348
Consumer Products	2,414	2,042	2,107	2,289	2,875
	$30,176	$31,374	$33,747	$35,510	$37,843
Segment Operating Income(3)
Media Networks	$ 2,378	$ 3,040	$ 3,481	$ 4,275	$ 4,755
Parks and Resorts	1,077	1,178	1,534	1,710	1,897
Studio Entertainment	661	206	728	1,195	1,086
Consumer Products	538	533	607	631	718
	$ 4,654	$ 4,957	$ 6,350	$ 7,811	$ 8,456
Diluted earnings per share from continuing operations before the cumulative effect of accounting change	$ 1.07	$ 1.19	$ 1.60	$ 2.24	$ 2.28
Earnings per share, discontinued operations	0.05	0.05	0.03	0.01	–
Cumulative effect of accounting change per share	–	(0.02)	–	–	–
Diluted earnings per share(4)(5)	$ 1.12	$ 1.22	$ 1.64	$ 2.25	$ 2.28
Cash provided by continuing operating activities	$ 4,232	$ 4,139	$ 5,960	$ 5,398	$ 5,446
Free cash flow(3)	$ 2,811	$ 2,326	$ 4,668	$ 3,832	$ 3,868

 

⁽¹⁾ Beginning with the first quarter fiscal 2008 financial statements, the Company began reporting Hyperion Publishing in the Media Networks segment. Previously, Hyperion Publishing
had been reported in the Consumer Products segment. Prior-period amounts (which are not material) have been reclassified to conform to the current year presentation.

⁽²⁾ During fiscal 2007, the Company concluded the spin-off of the ABC Radio business and thus reports ABC Radio as discontinued operations for all periods presented.

⁽³⁾ Aggregate segment operating income and free cash flow are not financial measures defined by Generally Accepted Accounting Principles (GAAP). Reconciliations of non-GAAP financial measures to equivalent GAAP financial measures are available at the end of the Financial Review.

⁽⁴⁾ Diluted earnings per share may not equal the sum of the column due to rounding.

⁽⁵⁾ The fiscal 2008 results include an accounting gain related to the acquisition of the Disney Stores North America and a gain on the sale of movies.com (together $0.01 per diluted share), the favorable resolution of certain prior-year income tax matters ($0.03 per diluted share), and a bad debt charge for a receivable from Lehman Brothers ($0.03 per diluted share). These items collectively resulted in a net benefit of $0.01 per diluted share. The fiscal 2007 results include gains from the sales of E! Entertainment and Us Weekly ($0.31 per diluted share), the favorable resolution of certain prior-year income tax matters ($0.03 per diluted share), income from the discontinued operations of the ABC Radio business ($0.01 per diluted share), and an equity-based compensation plan modification charge ($0.01 per diluted share). Collectively, including the impact of rounding, these items resulted in a net benefit of $0.33 per diluted share.