BURBANK, Calif., (Dec. 1, 2004) – The Walt Disney Company (NYSE: DIS) Board of Directors has declared an annual cash dividend of $0.24 per share, reflecting an increase of 14 percent over last year’s dividend, payable on January 6, 2005 to shareholders of record at the close of business December 10, 2004.
“Over the past five years, while we have continued to seek earnings growth, we have broadened our key financial objectives to include return on invested capital and cash flow to help balance our financial goals,” said Michael Eisner, Disney CEO. “As a result of our recent financial successes, including record cash flow in fiscal 2004, returning cash to investors remains an important part of our capital plan. Our objective is to continue the kind of performance that permits moderate, sustainable dividend increases over the coming years.”
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of our views and assumptions regarding future events and business performance as of the time the statements are made and we do not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives and information technology improvements, as well as from developments beyond the Company’s control, including international, political, health concern and military developments that may affect travel and leisure businesses generally and changes in domestic and global economic conditions that may, among other things, affect the performance of the Company’s theatrical and home entertainment releases, the advertising market for broadcast and cable television programming, expenses of providing medical and pension benefits and demand for consumer products. Changes in domestic competitive conditions and technological developments may also affect performance of all significant company businesses. Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2003 under the heading “Factors that may affect forward-looking statements.”