Disney 1997 Annual Report - UAB Barcelona
The1 9 9 7CompanyA N N U A LR E P O R T
TA B L E O F C O N T E N T SFinancial Highlights1Letter to Shareholders2Disney VoluntEARism10Environmentality14Financial Review16Theme Parks and ResortsDisney’s Animal Kingdom20Disney Cruise Line24Theme Parks26Walt Disney Imagineering31Creative ContentMotion Pictures34Television38Disney Feature Animation andWalt Disney TheatricalConsumer Products4042Broadcasting46Management’s Discussion and Analysis54Consolidated Statements of Income60Consolidated Balance Sheets61Consolidated Statements of Cash Flow62Consolidated Statements of Stockholders’Equity63Notes to Consolidated Financial Statements64Quarterly Financial Summary76Selected Financial Data77Management’s Responsibility for Financial Statements78Report of the Independent Accountants78Board of Directors and Corporate Executive OfficersIBC
FINANCIAL HIGHLIGHTSFiscal years ended June 30,(in millions of dollars, except for per share data)19971996Change 22,473 18,73920%Operating income (1)4,3123,33329%Net income lders’ equity17,28516,0867%Book value per share25.7623.878%RevenuesEarnings per share(1)(2)Cash flow from operations1) The 1997 amounts exclude the impact of a 135 million gain on the sale ofKCALand the 1996 amounts exclude the impact of a 300 million non-cashcharge for the SFAS 121 accounting change.(2) The 1996 amounts exclude the impact of 225 million of acquisition-relatedcosts.REVENUES 24,000 22,473 18,739 18,000 10,090 12,000 12,151 8,531 6,0009394Dollarsin millions 1,945 2,54695 3,27596 4,31797 5,180About the Cover: The tiger peering from the cover is actually one of almost400 animals sculpted on the trunk of the 14-story-tall Tree of Life, the centralicon of Disney’s newest theme park, Disney’s Animal Kingdom, set to openin late April at Walt Disney World. It took seven years from conception tocomplete the tree, with 175 tons of steel to make the branches alone. A totalof 13 sculptors took 1-1/2 years to complete the sculpture of the animalswhich encircle the 50-foot diameter trunk.1
LETTER T OS H A R E H O L D E R STO DISNEY OWNERS ANDFELLOW CAST MEMBERS:As the first rain of the El Niño season descends onLos Angeles, I find myself indoors and excited aboutwriting my letter for the annual report. Happily, Iunderstand more about the company than I do aboutEl Niño. Actually I don’t understand El Niño at all, buteverybody talks about it all the time. If I am notwashed away in the next couple of hours, I will havehad the time to effuse about our company’s phenomenal year just past, serving up a stream of numbersoffering statistical support. That is something one issupposed to do in an annual report.Michael D. EisnerChairman and Chief Executive OfficerFor example, I am supposed to make sure you areaware that our company had record revenues of 22.5 billion, representing a 20 percent increase overfiscal year 1996, that our Attractions division increasedits revenues by 11 percent, achieving record revenuesof 5 billion and operating income of 1.1 billion, thatthe Creative Content group had its best year ever, withrevenues of 10.9 billion and operating income of 1.9billion, that 106 new Disney Stores were opened,bringing the total to 636, and that ESPN continued tobe the most successful sportscaster on the globe, contributing to Broadcasting’s total of 6.5 billion inrevenues.Numbers may tell the story for some companies, but atDisney they are only the consequence of an ongoingcreative process that really began 75 years ago whenWalt and Roy first hung out the Disney BrothersCartoon Studio shingle. For our company, financialsuccess has always resulted from following the museof originality and the taskmaster of quality.So, in addition to a fiscal review, I would like to offera little history lesson. To avoid having my children andyours simply skip to the glossy pages of pictures that2
follow, let me change that to a little “Disney historylesson.” And by the way, now you’ll know why I havenever been more excited about the prospects andpossibilities of this extraordinary enterprise calledThe Walt Disney Company.As I see it, there have been three broad phases inDisney’s history.The first phase covered the period from the company’sfounding by Walt and Roy Disney up until 1983.During this period, the Disney brand and the Disneycompany were one and the same thing. In other words,every one of our movies, attractions and toys went outunder the Disney banner.In 1983 the Touchstone Pictures label was launched toproduce films for more than a family audience. Thusbegan Phase Two, during which a number of nonDisney labels were established or acquired, such asHollywood Pictures, Miramax Films, Hyperion Booksand Hollywood Records. As a percentage of our company’s total revenues, these product lines represented atiny fraction, and in some years resulted in the Disneybrands actually accounting for 110% of the profits.I hate to say it, but in those building years, the nonDisney brands actually lost a little money. But, theybolstered the overall Disney brand by helping our studio become relevant once again in the Hollywood creative community. Now, it’s not always worth the risk ittakes to be relevant in some people’s minds. And, to besure, we were never irrelevant to our Disney audience.But we had become “old fashioned” to the creativecommunity. As a result, it had become difficult to getgreat writers, directors, producers and actors to makeDisney product.Following Walt’s death and prior to 1983, Disney hadbecome to some people something of a filmmakingbackwater, with major talent literally refusing to workhere. We did not have Walt, and the company did notreally replace him. The only way to replace him was tobring in many creative people, nurture them, and evenpay them the way our competitors at the other filmcompanies did. Touchstone Pictures helped change allthat. The very first Touchstone film, Splash, attractedTom Hanks to our lot. Tom returned to provide thevoice of Woody in Toy Story. An early Touchstonefilm, Down and Out in Beverly Hills, starred BetteMidler and Richard Dreyfuss who also made theTouchstone movie Stakeout for us. Bette subsequentlyvoiced Georgette in Oliver & Co. and starred in HocusPocus, while Richard starred in The Wonderful Worldof Disney’s recent production of Oliver Twist. TimAllen came to Disney to star in TouchstoneTelevision’s Home Improvement and went on to befeatured in the Disney hits, The Santa Clause andJungle2Jungle, and provided the voice of BuzzLightyear in Toy Story. Robin Williams’ first involvement with our company was in the Touchstone films,Good Morning, Vietnam and Dead Poets Society.Robin subsequently served as the “filmic” host of theAnimation attraction at the Disney/MGM Studios andthe robotic host of the Timekeeper attraction at TheMagic Kingdom. He then provided the voice of theGenie in Aladdin and starred in this year’s holidaysmash, Flubber (which was directed by Les Mayfield,who first came to Disney to direct the HollywoodPictures film, Encino Man). Our non-Disney labelsopened wide the doors of our Disney brand to top talent, and they’ve been coming through ever since. Thepoint here is that once a talented person came into thecompany to work on a non-Disney project, there was agood chance that he or she would work on a Disneyproject. Frankly, in my 1970s jargon, we went from“out of it” to “cool” quite quickly. And now, that TheLion King on Broadway has become the creativesmash hit that it is, directed by a “cool” avant-gardedirector, Julie Taymor, it seems that your company is“super cool.” I think that is good. At least my kidsthink it is, and it certainly helps us to be the place forcreative people to be.3
The ABC broadcast highway now provides an openroad for some outstanding new Disney shows and anavenue that will help our entire company travel successfully into the 21 ST century.Tsidii Le Loka as Rafiki in the breathtaking opening number ofThe Lion King on Broadway.In 1995 we began Phase Three of our company’s history with the purchase of Cap Cities/ABC. This was amajor strategic acquisition that has involved a gratifyingly smooth two-year transition period. Now our twocompanies are fully integrated and working effectivelytogether. ABC is a great company with great assets(including ESPN) which we acquired at a fair price.But, beyond this, the other purpose of the acquisitionwas, quite simply, to protect the mouse, to ensure thatno other institution could block us from getting ourshows access on the networks and on cable.Imagine that your livelihood depends on commuting towork on a major highway. At first, you find the tollsare within reason. Then the tolls start going up. Finally,one day the guy in the tollbooth won’t raise the gatefor you at any price. But, meanwhile, you watch himlet other cars zip by you onto the highway. It neverquite got to that, but that was what we feared as wetried to get access for our shows on various televisionoutlets. At Disney, we like to control our own destinyand concluded that the only way not to be at the mercyof these institutions (“gatekeepers”) was to assure ourown access if it came to that. So, we went ahead andbought the best U.S. television network there is.4And so we find ourselves into Phase Three of our company’s history. Phase Three has a lot in common withPhases One and Two — the protection and advancement of the Disney brand within financially prudentparameters. Make no mistake about it, as large as ourcompany has become, our single greatest asset is thesame as it was at the very beginning — the Disneyname. In a world of limitless choice, the value of abrand that consumers trust is inestimable, but that trustmust continually be earned, which is why, havingassured ourselves access on the ABC highway, wehave proceeded to send a stream of quality Disneyshows into people’s homes.Most of these shows have been produced for TheWonderful World of Disney, which returned to ABCSunday nights this fall, and for One Saturday Morning,which is our new Saturday morning block of animatedprograms. The Wonderful World of Disney’s productionof Rogers and Hammerstein’s Cinderella achievedABC’s highest Sunday night ratings in over a decadeand propelled the entire ABC Network to its firstweekly ratings victory in six months. Meanwhile,Disney provides 3 1 2 hours of children’s programming,each Saturday morning, including the new two-hourblock called One Saturday Morning, which hasbecome an instant hit with kids, achieving a 38% shareincrease over the same time period the previous year.The full benefits of this kind of Disney programmingare impossible to calculate, because they are so wideranging. First of all, these shows reinforce the notionthat Disney continues to be the place to turn for qualityfamily entertainment. Second, the shows are profitablein and of themselves. To give one dramatic example:by the time our new version of Cinderella has played
around the world and been released on home video, itwill be the single most profitable movie-for-televisionever produced. Third, after their initial broadcast, theseshows become part of the ever-growing Disney library,helping to build the Disney brand around the world.Finally, these programs allow us to reach our coreDisney audience on a regular basis. And now we canregularly reach the Disney audience on the radio aswell. In fact, Radio Disney, our new radio network, isthriving on 13 ABC-owned radio stations across thecountry. By the way, I love Radio Disney. It plays on710 AM here in Los Angeles, and I listen to it all thetime. I feel a little silly because we advertise it as radiofor kids. What can I do? I like the music! Maybe Ineed grandchildren! Breck Eric (Anders, you’retoo young) do you hear that?Phase Three of our company’s history has really justbegun, and our reach is already truly amazing.Consider the week of November 2–8 in the UnitedStates. During these seven days, 34.2 million peoplewatched The Wonderful World of Disney, 3.3 millionpeople turned on One Saturday Morning, 3.6 millionsubscribers viewed The Disney Channel, 2.8 millionlistened to Radio Disney, 793,000 visited Disneytheme parks, 810,000 made a purchase at a DisneyStore and nine million copies of Beauty & the Beast:The Enchanted Christmas were shipped to video storesacross the country.And so it is that Phase Three puts our core Disneybusiness in remarkably healthy condition. Access toour audience is assured. We are forging ahead with anarray of new initiatives, such as the Disney CruiseLine and Disney’s Animal Kingdom, which will bothlaunch (in the case of the Cruise line, we mean this literally) in late April. Also in April, we will unveil ToonDisney, a 24-hour basic cable channel featuring allDisney cartoons, as well as the new Tomorrowlandat Disneyland. In the summer, the first DisneyQuest,which is something of a theme park in a building(a very large building), will open its doors. During theyear, we will also open our third through sixth DisneyClubs, allowing more parents and their children tospend quality time in these unique play sites. In 1998,we will release two new feature animated films —A Bug’s Life, coming from our partners at Pixar, thepeople who brought us Toy Story (they’re also working on a Toy Story sequel for 1999) and Mulan, thestory of a brave young girl in ancient China. By theway, last night at the Cineplex Odeon Theatre inMarina del Rey, California, the first public preview ofthis new animated film was held. With only 40% incolor, it was the highest testing animated film at thisstage that we’ve had in the last ten years. (I couldn’tresist mentioning this.)We will be releasing two new made-for-video animated films — sequels to Pocahontas and The LionKing. In the very recent and very successful traditionof major Disney live action event movies (i.e., TheSanta Clause, 101 Dalmatians, George of the Jungleand Flubber), we will open Mighty Joe Young in July.It has the potential to be the most successful releaseyet. Further down the road, there will be our secondtheme park in Anaheim, Disney’s CaliforniaAdventure, our second theme park in Japan, TokyoDisneySea, and a wealth of other projects I am notallowed to talk about yet.One of the advantages of Phase Three is that, whileDisney may continue to be our number-one brand, it isno longer our only brand. In addition to Touchstone,Hollywood, Miramax, Hyperion Books, MammothRecords, Lyric Street Records, the Anaheim Angelsand the Mighty Ducks, we now also have the ABCNetwork, ABC News, ABC Sports, ESPN, majorownership in A&E, The History Channel, LifetimeTelevision and the E! channel helping to make us atrue family of entertainment brands. By the way,synergy works both ways. Just as our company isenhanced overall by these new brands, these brands5
news shows lead in most markets. ABC radio stationsand networks are consistent ratings winners. In otherwords, in the less volatile areas of the broadcast business, ABC is dominant. Prime time continues to becyclical, and the bad news is that we haven’t brokenout of our down cycle. The good news: There’stremendous upside when it happens (and happenit will). The ABC Network represents 8 percent of theABC corporate profits. I consider that small while theyare doing badly and will consider it large when ABCturns it around.The ESPN Zone is scheduled to open in Baltimore in the summerfollowed by Chicago and New York in 1999.benefit from being part of our company. Certainly,ABC enjoys the values of Touchstone Television,which produces, for instance, Home Improvement; italso gets the benefit of Touchstone, Hollywood andMiramax movies that eventually go on an ABC movienight; and it benefits from the strength of the Disneycompany around the world to help sell its programsglobally. In addition, the American audience knowsthat if they want Disney on broadcast television, theycan find it on ABC.It is true that since we purchased ABC, the networkhas dropped in prime-time ratings. This is certainly notwhat we would have preferred, but I got my start in thetelevision business and learned long ago that, when itcomes to prime-time ratings, what goes up alwayscomes down again before it goes back up. Actuallyonce we get it back up, we will try to change thatadage. What goes up can stay up look at CBS from1956 to 1970. However, it is important to know thatABC isn’t just prime time. Hardly. For example, ABCdominates daytime, where it has held the number-oneposition in the all-important 18-to-49 demographic fortwo decades. ABC-owned stations continue to enjoythe best profit margins in the business. ABC local6Among our other brands, A&E, The History Channel,E! Entertainment and Lifetime are outstanding cablenetworks that are getting better and more popularevery year. That leaves us with ESPN, which was practically worth the cost of the acquisition by itself. Okay,okay, I’m stretching the meaning of the word “practically.” But, ESPN is an exceptionally valuable brandthat resonates with consumers. Just as Disney means“family” to families, ESPN means “sports” to sportsfans. Consequently, as with Disney, it is a brand thatwe can expand and enhance. And we are. In 1997, weopened the first ESPN Store at the same Glendale,California mall where we opened the first Disney Storein 1987. In 1998, we will open the first ESPN Zone inBaltimore, just a short walk from Camden Yards. Thiswill be a restaurant that is much more than a restaurant, featuring luxury box-style eating areas, an ESPNbroadcast booth, massive viewing screens featuringESPN sports feeds and a giant sports entertainmentcenter that should get armchair quarterbacks out oftheir armchairs. And, when fans enter the ESPN Zone,no doubt under their arms they’ll have a copy of ESPNMagazine, which will begin hitting newsstands thisspring. As with the Disney brand, we expect that theseinitiatives will lead to another and another. ESPN hasalready led to ESPN 2, which led to ESPN News,which led to the acquisition of Classic Sports. Indeed,it may turn out that ESPN will be worth the cost of theacquisition in itself.
Lest I paint too rosy a picture, let me take a moment toaddress a downside to the recent history of our company. Phases Two and Three have ushered in an era oftremendous success. But as we have become increasingly successful, we have also increasingly become atarget for groups that want to leverage our strengthwith the public for their own ends, trade on our popularity if you will. I am not denying that some of theirissues are valid some of the time nor suggesting thatwe are better than everyone else, but the fact is thatthese groups keep bringing their issues forward byfocusing on Disney because it is more effective thanciting one of our competitors. The issues they criticizeus for mostly surround some of our non-Disneybranded films and our non-Disney television shows. Itreminds me of the experience I sometimes have whenI go to one of our movies with my wife Jane. Halfwaythrough the movie, she will whisper to me, “Howcould you make this horrible thing?” I have probablyhad this conversation with her 20 times over 30 years.Each time I give her the same answer. “Jane,” I say,“we just wanted to make the worst, most boring moviewe could. We set out to do that. We hired the worst,most irresponsible director we could find. And we justlet him do whatever he wanted to do!!!!!” She looks atme and smiles. She then repeats the question on theway home. Of course, the truth is that we don’t wantto make bad movies or television shows or publish badbooks, but when you are trying to break ground creatively, you do sometimes fall short. That’s risk, andwe try to manage it well. In order to achieve a creativetriumph like The Lion King on Broadway, one mustendure other creative efforts that don’t achieve theiraspirations. To our critics, I can only say that I regretwhen we fall short.That addresses the issue of quality. But
in late April at Walt Disney World. It took seven years from conception to complete the tree, with 175 tons of steel to make the branches alone. A total of 13 sculptors took 1-1/2 years to complete the sculpture
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