Disney's earnings down

07:59, December 25, 2009      

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Net income at Walt Disney Co. in Burbank near Los Angeles fell 25 percent in fiscal 2009 from a year earlier, the company said.

The company saw significant declines at its movie studio and sagging earnings at the company's theme parks because of aggressive discounting, said a company statement published by the Los Angeles Times on Thursday.

As a result of the declines, Disney's chief executive Bob Iger's bonus of 9.3 million dollars was down 33 percent from a year earlier, reflecting the company's weaker financial performance, according to the statement filed Wednesday with the Securities and Exchange Commission.

Iger received a total compensation package worth 29 million dollars in 2009, slightly less than the 30.6 million he made last year.

Iger's base salary of two million dollars remained effectively unchanged, although he collected an extra week's salary in 2009 and received stock valued at 6.3 million and options worth an additional 8.3 million, according to the paper.

Among the perquisites Iger received was 589,102 dollars to cover the cost of security equipment and services, and his personal air travel cost 132,374 dollars.

Other expenses, including reimbursement for a health club membership or equipment and a vehicle, totaled 14,400 dollars.

The board's executive compensation committee acknowledged the company's slumping revenues and earnings in explaining the pay packages awarded to Iger and other top executives.

But it noted that this performance must be measured against "one of the worst national and global economic downturns in the postwar era" as well as changes made to position the company for future growth.

Source: Xinhua
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