迪士尼2003年财务报告.pdfVIP

The Walt Disney Company and Subsidiaries MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS C O N S O L I D A T E D R E S U L T S R e s u l t s o f O p e r a t i o n s (in millions, except per share data) 2003 2002 2001 Revenues $ 27,061 $ 25,329 $ 25,172 Costs and expenses (24,330) (22,924) (21,573) Amortization of intangible assets (18) (21) (767) Gain on sale of businesses 16 34 22 Net interest expense (793) (453) (417) Equity in the income of investees 334 225 300 Restructuring and impairment charges (16) — (1,454) Income before income taxes, minority interests and the cumulative effect of accounting changes 2,254 2,190 1,283 Income taxes