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<TITLE>TWDC 8K</TITLE>
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<B><FONT FACE="Book Antiqua" SIZE=4><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><FONT FACE="Book Antiqua">Washington, D.C.&nbsp;&nbsp;&nbsp;20549</FONT></TD>
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<B><FONT FACE="Book Antiqua" SIZE=4><P ALIGN="CENTER">FORM  8-K</B></FONT></TD>
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<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</FONT></TD>
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<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):<BR>
</P>
<P ALIGN="CENTER">April 17, 2001</FONT></TD>
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<B><FONT FACE="Book Antiqua" SIZE=4><P ALIGN="CENTER">- - - - - - - - - - </P>
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<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER"><IMG SRC="twdc.gif" WIDTH=290 HEIGHT=49></P>
<P ALIGN="CENTER">(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)</FONT></TD>
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<P ALIGN="CENTER">&nbsp;</P></FONT>
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<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">DELAWARE<BR>
(STATE OF JURISDICTION OF INCORPORATION)</FONT></TD>
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<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">1-11605</FONT></TD>
<TD WIDTH="27%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="41%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">95-4545390</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Book Antiqua" SIZE=2><P>(COMMISSION FILE NUMBER)</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="41%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">(IRS EMPLOYER IDENTIFICATION NO.)</FONT></TD>
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<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=638>
<TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Book Antiqua" SIZE=2><P>500 South Buena Vista Street, Burbank, California</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">91521</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">(ZIP CODE)</FONT></TD>
</TR>
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<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER"></P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=638>
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<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">(818) 560-1000</FONT></TD>
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<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">(REGISTRANT'S TELEPHONE NUMBER)</FONT></TD>
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<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P>&nbsp;</P>
</FONT><FONT FACE="Book Antiqua" SIZE=1><P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=640>
<TR><TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P>ITEM 5.</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="85%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P>OTHER EVENTS</FONT></TD>
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<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=638>
<TR><TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="92%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P>During the quarter ended December 31, 2000, the Registrant made certain changes in the manner in </FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Book Antiqua" SIZE=2><P>which it reports its consolidated results of operations.  Corporate general and administrative expense is now reported in costs and expenses and equity in the income of investees is reported as a single line item in
the consolidated statements of income.  The accompanying exhibit sets forth restatements of consolidated results of operations for the 2000 and 1999 fiscal years.</FONT></TD>
</TR>
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<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=640>
<TR><TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P>ITEM 7.</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="85%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P>FINANCIAL STATEMENTS AND EXHIBITS</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER">&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=640>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Book Antiqua" SIZE=2><P>Exhibit 99</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT FACE="Book Antiqua" SIZE=2><P>- - </FONT></TD>
<TD WIDTH="81%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P>The Walt Disney Company<BR>
Consolidated Results of Operations</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

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<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=638>
<TR><TD VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">SIGNATURE</FONT></TD>
</TR>
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<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER"></P></FONT>
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<FONT FACE="Book Antiqua" SIZE=2><P>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized</FONT></TD>
</TR>
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</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=638>
<TR><TD WIDTH="50%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="50%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">THE WALT DISNEY COMPANY</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="50%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER"></P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=638>
<TR><TD WIDTH="50%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">By:</FONT></TD>
<TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>/s/ David K. Thompson</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="BOTTOM" COLSPAN=3>
<U><FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="BOTTOM" COLSPAN=3>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">David K. Thompson<BR>
Senior Vice President<BR>
Assistant General Counsel</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER"></P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=638>
<TR><TD WIDTH="8%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P>Date:</FONT></TD>
<TD WIDTH="92%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P>April 17, 2001</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
</FONT><B><FONT FACE="Book Antiqua" SIZE=1><P>&nbsp;</P>
</B></FONT><FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">&nbsp;</P>
<P ALIGN="RIGHT">Exhibit 99</P>
<P ALIGN="CENTER"></P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=638>
<TR><TD VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">THE WALT DISNEY COMPANY<BR>
CONDENSED CONSOLIDATED STATEMENT OF INCOME<BR>
(in millions, except per share data)</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<I><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER"></P></I></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=627>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=6>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">Year Ended 30th September,</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=6 HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">--------------------------------------------</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">2000</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">1999</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">-------------------</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">-------------------</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=1 COLOR="#ff0000"></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=627>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Revenue</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">25,418</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">23,455</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Costs and expenses</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(21,691</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(20,070</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Amortization of intangible assets</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(1,233</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(456</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Restructuring charges</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(132</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Gain on sale of businesses</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">489</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">345</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Net interest expense and other</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(558</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(612</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Equity in the income of investees</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">208</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(127</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">----------</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">----------</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P>Income before income taxes and minority interests</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">2,633</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">2,403</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Income taxes</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(1,606</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(1,014</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Minority interest</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(107</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(89</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">----------</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">----------</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">920</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">1,300</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Earnings (loss) attributed to:</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=1 COLOR="#ff0000"></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=627>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Disney Common Stock<SUP> (1)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">1,196</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">1,300</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Internet Group Common Stock</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(276</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">0</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=1 COLOR="#ff0000"></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=627>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">----------</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">----------</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">920</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">1,300</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=1 COLOR="#ff0000"></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=627>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Earnings (loss) per share attributed to:</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=1 COLOR="#ff0000"></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=627>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Disney Common Stock<SUP> (1)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=1 COLOR="#ff0000"></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=627>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="58%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Diluted</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">0.57</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">0.62</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="58%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="58%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Basic</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">0.58</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">0.63</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="58%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=1 COLOR="#ff0000"></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=627>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Internet Group Common Stock (basic and diluted)</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">(6.18</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>)</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">n/a</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=1 COLOR="#ff0000"></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=627>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=2><P>Average number of common and common equivalent shares &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outstanding:</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=1 COLOR="#ff0000"></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=627>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Disney Common Stock</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=1 COLOR="#ff0000"></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=627>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="58%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Diluted</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">2,103</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">2,083</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="58%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="58%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Basic</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">2,074</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">2,056</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="58%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=1 COLOR="#ff0000"></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=627>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P>Internet Group Common Stock (basic and diluted) <SUP>(2)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">45</P>
<P ALIGN="RIGHT"></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">n/a</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="RIGHT">======</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER"></P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=625>
<TR><TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<U><FONT FACE="Book Antiqua" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="85%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP">
<SUP><FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">(1)</SUP></FONT></TD>
<TD WIDTH="95%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Book Antiqua" SIZE=2><P>Including Internet Group losses attributed to Disney common stock.  Earnings attributed to Disney common stock reflect 100% of Internet Group losses through 17th November, 1999, and approximately 72% thereafter.</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP">
<SUP><FONT FACE="Book Antiqua" SIZE=2><P ALIGN="CENTER">(2)</SUP></FONT></TD>
<TD WIDTH="95%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Book Antiqua" SIZE=2><P>Does not include the interest in the Internet Group retained by Disney, representing approximately 72% of the entire equity in Internet Group.</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Book Antiqua" SIZE=2></FONT></BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "form8k.htm", "secsgml_size_bytes": 40299}]
{"company-data": {"conformed-name": "WALT DISNEY CO/", "cik": "0001001039", "assigned-sic": "7990", "irs-number": "954545390", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11605", "film-number": "1608093"}, "business-address": {"street1": "500 SOUTH BUENA VISTA ST", "city": "BURBANK", "state": "CA", "zip": "91521", "phone": "8185601000"}, "mail-address": {"street1": "500 SOUTH BUENA VISTA ST", "city": "BURBANK", "state": "CA", "zip": "91521"}, "former-company": {"former-conformed-name": "DC HOLDCO INC", "date-changed": "19950918"}}
TWDC 8K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.   20549
- - - - - - - - - -
FORM  8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
April 17, 2001
- - - - - - - - - -
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
(STATE OF JURISDICTION OF INCORPORATION)
1-11605
95-4545390
(COMMISSION FILE NUMBER)
(IRS EMPLOYER IDENTIFICATION NO.)
500 South Buena Vista Street, Burbank, California
91521
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(ZIP CODE)
(818) 560-1000
(REGISTRANT'S TELEPHONE NUMBER)
ITEM 5.
OTHER EVENTS
During the quarter ended December 31, 2000, the Registrant made certain changes in the manner in
which it reports its consolidated results of operations.  Corporate general and administrative expense is now reported in costs and expenses and equity in the income of investees is reported as a single line item in
the consolidated statements of income.  The accompanying exhibit sets forth restatements of consolidated results of operations for the 2000 and 1999 fiscal years.
ITEM 7.
FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 99
- -
The Walt Disney Company
Consolidated Results of Operations
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized
THE WALT DISNEY COMPANY
By:
/s/ David K. Thompson
David K. Thompson
Senior Vice President
Assistant General Counsel
Date:
April 17, 2001
Exhibit 99
THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share data)
Year Ended 30th September,
--------------------------------------------
2000
1999
-------------------
-------------------
Revenue
$
25,418
$
23,455
Costs and expenses
(21,691
)
(20,070
)
Amortization of intangible assets
(1,233
)
(456
)
Restructuring charges
-
(132
)
Gain on sale of businesses
489
345
Net interest expense and other
(558
)
(612
)
Equity in the income of investees
208
(127
)
----------
----------
Income before income taxes and minority interests
2,633
2,403
Income taxes
(1,606
)
(1,014
)
Minority interest
(107
)
(89
)
----------
----------
Net income
$
920
$
1,300
======
======
Earnings (loss) attributed to:
Disney Common Stock
(1)
$
1,196
$
1,300
Internet Group Common Stock
(276
)
0
----------
----------
$
920
$
1,300
======
======
Earnings (loss) per share attributed to:
Disney Common Stock
(1)
Diluted
$
0.57
$
0.62
======
======
Basic
$
0.58
$
0.63
======
======
Internet Group Common Stock (basic and diluted)
$
(6.18
)
$
n/a
======
======
Average number of common and common equivalent shares      outstanding:
Disney Common Stock
Diluted
2,103
2,083
======
======
Basic
2,074
2,056
======
======
Internet Group Common Stock (basic and diluted)
(2)
45
n/a
======
======
(1)
Including Internet Group losses attributed to Disney common stock.  Earnings attributed to Disney common stock reflect 100% of Internet Group losses through 17th November, 1999, and approximately 72% thereafter.
(2)
Does not include the interest in the Internet Group retained by Disney, representing approximately 72% of the entire equity in Internet Group.