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Profit numbers good for Eisner

Thursday, May 13, 2004 | 9:11 a.m.

LOS ANGELES -- With the return of vacationers to theme parks as well as increased advertising revenue in its cable network business, the Walt Disney Co. surprised investors Wednesday with a better-than-expected second-quarter profit. The earnings were welcome news for Michael D. Eisner, the chief executive, who has been under pressure to improve performance or risk losing his job.

For the quarter, net income at Disney increased 71 percent, to $537 million, or 26 cents a share, compared with $314 million, or 15 cents a share, in the period a year earlier. Analysts, as well as company executives, chalked up the rise in part to a recovering domestic economy, which has buoyed many of Disney's businesses. Revenue increased 11 percent, to $7.2 billion from $6.5 billion.

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