| THE WALT DISNEY COMPANY SEGMENT RESULTS For the Quarter Ended December 31 (unaudited, in millions) | |||
| 2002 | 2001 | Change | |
| Revenues: | |||
| Media Networks | $3,240 | $2,976 | 9 % |
| Parks and Resorts | 1,548 | 1,433 | 8 % |
| Studio Entertainment | 1,891 | 1,773 | 7 % |
| Consumer Products | 787 | 834 | (6)% |
| ------ | ------ | ||
| $7,466 | $7,016 | 6 % | |
| ====== | ====== | ||
| Segment operating income: (1) | |||
| Media Networks | $ 225 | $ 242 | (7)% |
| Parks and Resorts | 225 | 187 | 20 % |
| Studio Entertainment | 138 | 149 | (7)% |
| Consumer Products | 190 | 175 | 9 % |
| ------ | ------ | ||
| $ 778 | $ 753 | 3 % | |
| ====== | ====== | ||
| The Company evaluates the performance of its operating segments based on segment operating income. A reconciliation of segment operating income to income before income taxes and minority interests is as follows: | |||
| 2002 | 2001 | ||
| ------ | ------ | ||
| Segment operating income | $ 778 | $ 753 | |
| Corporate and unallocated shared expenses | (102) | (104) | |
| Amortization of intangible assets | (5) | (3) | |
| Net interest (expense) and other | (296) | 55 | |
| Equity in the income of investees | 90 | 70 | |
| ----- | ----- | ||
| Income before income taxes and minority interests | $ 465 | $ 771 | |
| ===== | ===== | ||
| (1) Segment earnings before interest, income taxes, depreciation and amortization (EBITDA) which is segment operating income adjusted to exclude depreciation is as follows: | 2002 | 2001 | |
| ------- | ----- | ||
| Media Networks | $ 267 | $ 288 | |
| Parks and Resorts | 395 | 348 | |
| Studio Entertainment | 147 | 160 | |
| Consumer Products | 205 | 188 | |
| ------ | ---- | ||
| $1,014 | $ 984 | ||
| ====== | ==== | ||
| Management believes that segment EBITDA provides additional information useful in analyzing the underlying business results. However, segment EBITDA is a non-GAAP financial metric and should be considered in addition to, not as a substitute for, reported segment operating income. | |||
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