Corporate Finance: Instructor\'s Manual Applied Corporate Finance

Aswath Damodaran 325

Current Income Statement for Disney: 1996

2003 2002

Revenues 27061 25329

• Operating expenses (other than
  depreciation) 23289 21924
  EBITDA 3772 3405


• Depreciation and Amortization 1059 1021
  EBIT 2713 2384


• Interest Expenses 666 708

• Interest Income 127 255
  Taxable Income 2174 1931

• Taxes 907 695
  Net Income 1267 1236

Disney recovered somewhat from a disastrous 2001 (when operating income

was only $1.25 billion) to better years in 2003 and 2004.