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The Walt Disney Co. on Thursday reported a quarterly net profit that more than doubled on strong film and TV results, but a mixed bag of operating results tempered its otherwise bullish outlook.

Disney said it was on track to meet or beat Wall Street forecasts for 35-percent earnings-per share-growth for fiscal 2004, ending in September, based on gains in cable TV networks such as ESPN and a turnaround at its loss-making ABC network.

The Burbank, California-company posted net income of $415 million, or 20 cents per share, in its fiscal fourth quarter ended Sept. 30, compared with $175 million, or 9 cents per share, in the year-ago period.

Fourth-quarter earnings included a 3 cent per-share gain for a tax settlement. Revenue rose to $7 billion from $6.6 billion.

Disney stock was up slightly in after-hours trade, ticking to $22.75 from a $22.68 close on the New York Stock Exchange.

"Earnings were generally good, but not great, reflecting for the most part gradual improvement," said Dennis McAlpine of McAlpine Associates,

Analysts had expected Disney to post net income of 16 cents a share on revenue of just under $7 billion, according Reuters Research, a unit of Reuters Group Plc.

Expectations for Disney have turned sharply more bullish in recent months on signs of a stronger economy that would boost travel to Walt Disney World in Florida and Disneyland in southern California, as well as ABC's prospects for gaining viewers amid a tough fall season for all the major networks.

ON TRACK TO MEET OR BEAT

While Disney said it was on track to meet or beat the average analysts' forecasts of 2004 earnings per share of 84 cents, up from 62 cents per share in the just completed fiscal year, executives also cited some areas of caution.

A gradual improvement in park attendance expected in the next fiscal year would be offset by higher employee benefit costs, Disney Chief Financial Officer Tom Staggs said in a teleconference with analysts and reporters.

Domestic travel to parks is up 12 per cent in the current quarter and hotel bookings are up 8 percent, but international travel was flat. Traditionally, Disney earns more revenue per tourist from overseas visitors than domestic travelers.

In its TV group, what had been a strong market for current ad sales versus pre-sales back in May has begun to weaken.

"It's clear that the marketplace is softening," Chief Operating Officer Bob Iger said in a conference call. "We believe we are going to end the quarter at double-digit increases over (pre-sales pricing), but lower double-digit instead of higher double-digit."

Iger also said that Disney's consumer products division would be announcing a deal with Wal-Mart Stores Inc, although he did not elaborate.

Harris Nesbitt Gerard's Jeff Logsdon said Disney's cable TV business continues to run strongly, and the film studio should enjoy solid DVD sales of "Finding Nemo" and "Pirates of the Caribbean: The Curse of the Black Pearl" in 2004.

The film studio propped up fourth-quarter earnings. "Curse of the Black Pearl" was a major hit with just over $303 million at domestic box offices and "Nemo," in which Disney and Pixar Animation Studios Inc. partnered, remains 2003's top draw with $340 million in domestic ticket sales.

Disney, which had weakened its balance sheet with its $5.2 billion purchase of the Fox Family Channel, since renamed ABC Family, ended the September quarter with net debt of $11.5 billion.

Staggs said the company would focus on paying back more debt in 2004 to improve its credit rating to the "A-minus range," a rank above its current standing. That effort will take precedence over buying back shares, he said.

Fitch, which said in September that it could still downgrade Disney from "BBB-plus," had already expected the company to post improved results in the quarter that ended that month, said analyst Randy Alvarado.

"I'd like to see some consistent performance now," he said. "We had already factored in a pretty strong fourth quarter."

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