Theme Park Bookings Down

[Isaac]

Even Mickey Mouse is feeling the economic pinch

LOS ANGELES (Reuters) – The Walt Disney Co on Thursday said bookings at its theme parks have declined "considerably" in the last month as the global economy has soured, and its shares slid 9 percent in extended trade.

The news came as the No. 2 U.S. entertainment company reported a 13 percent decline in quarterly net income due in part to a bad debt charge. Revenue for the period, however, topped Wall Street analysts' estimates.
Disney said the advertising climate had softened the performance of its cable and broadcast networks, and that its U.S. theme parks and resorts suffered under higher labor and fuel costs.

In addition, on a conference call with analysts, executives said attendance at its U.S. theme parks is down 1 percent so far in the current quarter and that bookings for the first two quarters of fiscal 2009 are down "a little under 10 percent" from last year.

"We are seeing a marketplace that is clearly tougher than it was in fiscal year 2008 and our ability to predict is very limited." Chief Executive Bob Iger said.

http://news.yahoo.com/s/nm/20081106/media_nm/us_disney